Nobody likes to think about being disabled. Unfortunately when accidents strike they will quickly change your financial outlook. What disability income insurance options do you have if you find yourself disabled, temporarily or otherwise? In other words do you have a plan of action if you don’t have, or plan to take, disability income insurance?
There Are 2 Types Of Disability Income Insurance Contracts:
* Non-cancellable: premiums are guaranteed level for the life of the contract unless the benefits are increased.
* Guaranteed renewable: Company reserves the right to increase the disability income insurance premiums for everybody, should the number of claims in a particular class begin to rise.
Your Disability Income Insurance Concerns:
* Occupation: The dangers of your job are a factor companies weigh to see the chances of you getting injured.
* Compensation: How much are you looking for to cover your expenses, and is it less than 70% of your present gross salary?
* Medical History: Your current health and what medical history your family has, will also affect how the life disability income insurance carriers will see you.
Other factors that go into assessing your situation are your gender, age and province or state of residence.
You also have the option of riders. Residual and partial riders are available to you if your situation changes and you are returning to work in a different job and experience a loss of income. Or if you return to work as a part time employee, but in the same job.
Plan Disability Income Insurance For Potential Accidents Or Sickness
Although no one likes to talk about getting hurt or such, the benefits of a disability insurance policy greatly help during times of crisis. Investing in a policy helps strengthen your overall financial plan or at least puts a floor underneath it. Get together soon with an insurance broker and discuss how your personal situation can benefit from disability income insurance.
