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Get Clear Reviews on Disability Insurance

Jul 25, 2008
You don't want to think about it but one day, you may not be able to work again through illness or accident that prevents a normal life so do you really think of disability insurance as a good thing to have or a waste of time. For many people, disability insurance has been a lifesaver because if you can't get to work and earn an income, the thoughts of how your loved ones will survive, causes additional and unnecessary stress at a time when you should be concentrating on recovering.

But there is a higher probability of a person requiring some form of disability insurance before they retire than the likelihood of dying. Unfortunately, this fact is often overlooked when life insurance coverage is being arranged. Those same statistics also provide the astonishing fact that a 40 year old worker has a greater chance of requiring three months or more off work owing to disability than they are of an early death before 65.

Disability insurance by its very nature can be costly so obtaining the best possible rates available is imperative for someone on a budget. Premiums for disability insurance are based on many characteristics like age, occupation, health and the calculations of potential lost income. Many people find that they can reduce their monthly disability insurance premiums buy delaying when the first payment would be made to them if they were to make a claim on their disability insurance plan. Another option to lower the monthly premiums is put a limit on how long the payments are to be made before they stop although if you your period of incapacitation lasts longer than this, it will mean that you will have to find an alternative source of income.

Whatever your situation though, common disability insurance usually covers only a specific percentage of your original salary. Reduced period disability insurance is also known as short term disability and although it may only last a few months, the benefits can be greater to the claimant. However, if someone takes out total disability insurance which would provide a reduced financial income for a longer period, they will probably have to show proof that they could no longer perform tasks they could before the incapacitation. Whatever the situation though, a person making a claim owing to incapacitation will be sent a disability benefit check every month until the end of the plan or they return to work.

There are many issues to consider when exploring disability insurance which may affect the premiums and they include, in no particular order; your current occupation, whether the income is taxable, how long the benefits will be paid for and if there are any medical restrictions. Also, remember that not all disability insurance policies will cover you with the same percentage of your original salary. This percentage of your income paid by you disability insurance plan can be as little as forty percent or as much as seventy percent, so you can see there is quite some variation. It is the number one factor that will define what your income will be in case you become disabled.
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