Consider for a while that you suddenly get injured or your health is deteriorated because of which you’re not able to go to your job, your income opportunities be seized As you won’t be able to go to your job and earn bread and butter for your family. No one wants to see this even in their saddest of nightmare. Long term disability insurance is an income protection against when you are unable to work due to disability. There are many important things that need to be considered before getting disability insurance.
Benefits of long term disability insurance
- It replaces most part of your income that is why it is. One of the most popular disability insurance Albert? Discovered for a long period of time or for a lifetime.
- It basically covers the disabilities that put a stop to your occupation and income sources.
- It covers broad range of disabilities. Ex. Disability cussed due to accident, illness or injury, cancer, Parkinson’s disease, paralysis. Etc.
- It covers disabilities whether caused inside or outside the job. Even after changing the job the insurance remains intact.
- The value of premium depends upon the age in which you have taken the policy and at what time you have applied for it. The sooner you take the insurance more will be the premium received and you will also get it in little less price.
- This policy is best suited for the self-employed individuals as well as those who have high earnings like the ones who are in highly skilled professions ex – doctors, engineer’s etc.
- The amount of coverage of your policy depends upon many factors such as time period of the policy, value of the policy etc.
- The coverage may also provide for years of income replacement, or until you are healthy enough to get back t your work.
- Older people are at a higher risk of getting disabled than the younger people so their premium will also be higher.
- It provides around 70% percent of your earnings before a non-work related injury impacted your ability to work.
- The waiting period is also less so that the benefits get forwarded on time.
The insurance companies understand that the amount of income that you earn today on the day of enrolling in the insurance will not be same and will change over time period of time. The future increase rider is designed to help policyholders update their coverage accordingly. The insurance company should also be willing to work with you to ensure you get the best possible coverage you need.
When the injury prevents you from working for a few months, it’s a short-term disability, but when the disability lasts longer, it’s a long-term disability.
The cost-of-living adjustment (COLA) rider increases your benefit amount each year that you are disabled. This is simply done keeping in mind the inflation concept as well as cost of living. To get a quote visit the instant disability’s website and claim your long term policy today.