Disability insurance and your career go hand in hand. Building any career calls for the investment of time and money; however, a career built through sheer hard work alone is never safe. A simple accident can end your career, and unfortunately, you will never know when an accident will occur. Accidents can cause both temporary and permanent disability. Reports have shown that at least one of every seven workers will be victim of disability before he is 65 years old. Any form of disability can have disastrous effects on a person's family, as you will be unable to support your family and pay bills at the same time. Not to mention that a disability also comes with its own expenses. Your medical bills may skyrocket and continued expenditures with no additional income can easily deteriorate all of your assets. Have you ever thought of a situation where you'd be unable to provide for your family? There is no reason to worry because you can safeguard your source of income through a disability insurance policy.
Individual disability insurance can cushion you against the financial hardships resulting from a disability. This insurance goes a long way to replace a significant portion of lost income due to sickness or injury. You can use the insurance payments to pay for ongoing bills while you recuperate from the injury or illness. Many people tend to think that medical insurance is sufficient for any health related event; however, that is not the case. Apart from the medical bills that come with an injury or illness, you will also have to continue paying your mortgage, vehicle payments, and other insurance premiums. With disability insurance, you can pay the necessary items needed, but you may also be in a position to save some income for the future. Many people underestimate the chances of becoming disabled, not knowing that they are at great risk. A small monthly or annual payment to a disability insurance plan can prove to be very helpful, as the everyday working environment is filled with potential hazards for disability. Additionally, the modern world is constantly faced with dozens of difficult-to-cure diseases.
Many workers enroll in group disability insurance plans; however, many group plans have uncertainty factors attached and they are not always the best option. Group insurance plans can sometimes be altered or canceled unexpectedly. Also, many times you are unable to take your group insurance plan with you when you change employers. It is also important to note that group insurance has restrictions, such as only being able to use it when you are fully disabled. This can be a huge disadvantage because most forms of disability are known to be partial. Meaning, they do not render you completely disabled even though you may be unable to perform your most vital tasks. In addition to the aforementioned disadvantages, the benefits from group insurance plans are taxable, the terms are sometimes not revised regularly, and they are almost always obsolete in regards to inflation.
Signing up for a disability income insurance policy is the best thing you can do to safeguard your income and protect your family. Keep in mind that there are many different types of disability insurance policies. Some are based on specific careers while others are more general and income based. The most common types of disability insurance include disability insurance for physicians, dentist disability insurance, medical resident, and attorney disability insurance among others. Different professions have different categories and every insurance plan has a set of features and rules. The amount payable every month differs from one policy to another and clients are free to make their choices depending on their level of income and profession. The length of time within which benefits are paid ranges from 2 years to age 67. In any good policy, premiums are waived during the disability period and some plans keep with changes in inflation. That being said, it is always wise to choose the best disability insurance company and policy appropriately for you age, income and financial needs.
