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Disability Insurance
Disability insurance is intended to replace your income if you should become sick, disabled, or hurt; sickness which prevents you from working for a period of time means that an alternative income is required. The last thing anyone who is incapacitated wants is to worry about providing an income for their family. In fact there is a higher probability of a worker requiring disability protection before they retire than there is of them dying.
The fact of the matter is that disability coverage appears to be less important to the public when they have a family; whereas life insurance takes priority even though they have less chance of dying than being incapacitated. Trying to convince a worker of forty they will probably need 90 days off through injury before they retire is hard work. Searching for a low disability insurance premium is a key element as it costs more to run this type of plan.
Some of the factors required to assess the premium include the age and health of the applicant but the largest part to calculate is how much income they will need whilst they are incapacitated. One method of lowering the policy premium is arranging for the plan to ‘kick in' only after the incapacity has lasted for a set period of time. this means the provider would have less risk of paying out if the insured was only off from work for a short period. Alternatively the policy holder could request a shorter cover period which would only cater for short periods off work; this may ease the potential burden to the insurance company but can be a problem if the time out of work lasts longer than the plan provides for.
Insurance company policies will differ but the majority will only pay a percentage of your lost income so it is a good idea to choose the best one for you and in this instance, the cheapest may not necessarily be the best. There are two policy options available; the first is short term disability insurance which only covers the claimant for a few months of incapacity. The other option is total disability cover; this can provide a long term (but reduced) income although this is only granted if the person can show they are no longer able to carry out their previous job.
Irrespective of the type of policy you have, payments for disability are made regularly, every week or month until the end of the incapacitation or the policy, whichever come first. Other key points to consider when looking into health policies are if there are restrictions on:
* Restrictions on Pre-existing medical conditions
* Is the benefit taxable?
* How long the payments are made
* Your own occupation versus any occupation
Remember that every disability insurance policy is different and they will not all provide exactly the same benefits, including how much they will pay as a percentage of your income. To give you an example: some insurance plans pay out as much as seventy percent of your monthly income in benefit whereas others can pay as low as forty percent so you need to do your research to avoid being paid less than you can afford to survive on. It is the number one factor that will define what your income will be in case you become disabled.
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