Income During Disability
Some people have a tendency to ignore the importance of disability insurance.
They do not include it in their insurance portfolios even though they consider life insurance, health insurance, auto insurance and insurance for the house they own of paramount importance.
These people gamble against the odds that they could become disabled…
In the event of your Disability you, as well as your family, could have Serious Financial Problems. Compare Disability Insurance Quotes and Save!
Disability Insurance Facts
When you consider that one in three people will be disabled for at least 90 days during their working years this gamble is a foolhardy one. Consider also that the average disability lasts over 3 years. This type of insurance should be considered a priority.
- Definition Of Disability
When considering disability insurance the definition of disability is important as this will determine whether or not you get paid. If you are unable to perform the primary duties of your chosen occupation you are disabled. If you are unable to work in your own occupation a good disability policy will pay the amount for which you are insured. If on the other hand you own a policy which states that you are disabled if you cannot perform any duties in any occupation you will never get paid as that definition indicates that you have to be at deaths door. - Non Cancellable And Guaranteed Renewable Policies
Pay special attention to the wording of your disability insurance policy. It should be non cancellable and guaranteed renewable disability insurance. That means that the insurance company cannot refuse to renew your policy within a specific period of time, usually to age 65. The premiums cannot be increased by the insurance company unless set forth in the policy and the terms of the policy cannot be altered in any way. - Elimination Period
Another thing that can cause you not to be paid by your disability policy is the definition of elimination period. You may have for example a “90 day elimination period”. You become disabled then after a month’s treatment you are feeling better and decide to go back to work. You don’t make it through the week. With many policies your elimination period starts over again. You have to wait 90 additional days before you get paid. A good disability policy considers the month that you were already disabled for the same illness and adds that period of time to your elimination period. You therefore only have 60 more days to wait to get paid. You can choose an elimination period of…
30 Days
60 Days
90 Days
180 Days
1 Year
The shorter the elimination period the higher the premium.
Benefit Period
This is the period of time for which you will be paid an income from your disability policy. Most companies have benefit periods that will last…
2 Years
5 Years
To Age 65
A Lifetime - Premiums
Premiums are usually guaranteed level. Some companies have an increasing premium policy. The start out with a very low premium and it increases as the risk to the insurance company increases.
Click on the following link as Disability Insurance information is also on that page.
When you consider that one in three people will be disabled for at least 90 days during their working years this gamble is a foolhardy one. Consider also that the average disability lasts over 3 years. This type of insurance should be considered a priority.
- Definition Of Disability When considering disability insurance the definition of disability is important as this will determine whether or not you get paid. If you are unable to perform the primary duties of your chosen occupation you are disabled. If you are unable to work in your own occupation a good disability policy will pay the amount for which you are insured. If on the other hand you own a policy which states that you are disabled if you cannot perform any duties in any occupation you will never get paid as that definition indicates that you have to be at deaths door.
- Non Cancellable And Guaranteed Renewable Policies Pay special attention to the wording of your disability insurance policy. It should be non cancellable and guaranteed renewable disability insurance. That means that the insurance company cannot refuse to renew your policy within a specific period of time, usually to age 65. The premiums cannot be increased by the insurance company unless set forth in the policy and the terms of the policy cannot be altered in any way.
- Elimination Period Another thing that can cause you not to be paid by your disability policy is the definition of elimination period. You may have for example a “90 day elimination period”. You become disabled then after a month’s treatment you are feeling better and decide to go back to work. You don’t make it through the week. With many policies your elimination period starts over again. You have to wait 90 additional days before you get paid. A good disability policy considers the month that you were already disabled for the same illness and adds that period of time to your elimination period. You therefore only have 60 more days to wait to get paid. You can choose an elimination period of… 30 Days 60 Days 90 Days 180 Days 1 Year The shorter the elimination period the higher the premium. Benefit Period This is the period of time for which you will be paid an income from your disability policy. Most companies have benefit periods that will last… 2 Years 5 Years To Age 65 A Lifetime
- Premiums Premiums are usually guaranteed level. Some companies have an increasing premium policy. The start out with a very low premium and it increases as the risk to the insurance company increases.
Click on the following link as Disability Insurance information is also on that page.