Disability Insurance
Disability Insurance Policies Health Insurance Disability Income Is available to continue at least a portion of your Income while unable to work. It’s sad, but most people give more attention to life Insurance than they do about Income replacement should they become unable to work.
Individual policies are most often sold to self employed and professional people. The amount of the benefit relates to earnings and Is matched as close to after tax Income as possible. Generally It Is up to 60% of monthly net Income and there Is usually a cap on the amount. Income protection should be an element of your entire financial planning. The Importance cannot be overestimated because It relates to your overall family finances. Whatever your situation may be, disability insurance Is one of the most Important factors when you consider you Inability to work and produce Income. Some things to consider when you determine disability Insurance, If you are unable to work Include: * Establish the bare minimum required If Income stops. * Determine your retirement needs If work ceases and the ability to pay Into the retirement ends. * Allow for any benefit that might be offset by social security and workers compensation. Some thought needs to be afforded to the possibility of total disability. This Is Important as It pertains to the Insured’s own occupation and any occupation the Insured may be qualified to perform. In other words, while you may no longer be able to conduct the duties of your current occupation you may be able to perform activities In a related field.
Total Work Inability Conditions Include * Loss of use of any two limbs * Total and permanent blindness * Loss of speech and hearing Some policies use a probationary period that begins when a policy goes Into effect and no benefits are paid during this period. It varies but Is often 15 or 30 days and sometimes up to 60 days for long term policies. In addition to the probationary period some policies also Include an elimination period. It begins when the policy goes Into effect and can last for any length of time even up to a full year. This Is usually left to the Insured to decide as It Is based on how long the Insured can go without Income after becoming unable to work. Make sure you read the whole policy before agreeing and signing up. Even read the small print and make sure their Is'nt any legal methods the Insurer uses to void payment. If you are employed In a high accident risk job, disability Insurance should be well considered. I have an eBook "The Guide To Good Health Insurance" that covers everything you need to know about all the different policies available. You can get your copy of the book HERE
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