No one wants to think about being unable to do something. When accidents happen, it's too bad that they change your finances quickly. What options do you have for disability income insurance if you become disabled, whether it's for a short time or for good? In other words, do you have a plan if you don't have disability income insurance or don't plan to get it?
There are two kinds of contracts for disability income insurance:
- Cannot be cancelled: premiums will stay the same for the life of the contract, unless the benefits are raised.
- Renewable: The company has the right to raise everyone's premiums for disability income insurance if the number of claims in a certain class starts to rise.
Your Concerns About Income Insurance:
- Medical History: Your current health and your family's medical history will also affect how life, disability, and income insurance companies see you.
- Payment: How much do you need to cover your expenses? Is that amount less than 70% of your current gross salary?
- Job: Companies look at the dangers of your job to see how likely it is that you will get hurt.
Your gender, age, and where you live are also taken into account when figuring out your situation.
You can also choose to have riders. You can get residual and partial riders if your situation changes and you have to go back to work at a different job and lose income. Or if you go back to work in the same job, but only part time.
Plan to get disability income insurance in case you get hurt or sick.
Even though no one likes to talk about getting hurt or sick, the benefits of a disability insurance policy are very helpful in times of trouble. Putting money into a policy helps your overall financial plan or at least gives it a floor. Meet with an insurance broker as soon as possible to talk about how disability income insurance can help you.
