While disability insurance is undoubtedly one of the most commonly overlooked types of insurance coverage, there are far too many working professionals who need it and simply have not considered it.
This type of insurance is there to ensure that you are well taken care of in the unfortunate event that you are not able to earn an income due to an injury, an illness, or a disability.
The coverage will assist by paying a percentage of your income to prevent financial distress. However, far too many of us seem to believe that we are unlikely to ever need disability insurance when in reality it is as important as saving for your retirement.
Why You Need Disability Insurance
Statistics show that one in every four individuals in their 20’s are likely to become disabled long before they reach retirement.
What’s more, crippling accidents are not t0 blame for these unsettling statistics as cancer, heart disease, back injuries, and various other illnesses are more likely to result in a disability.
It may be difficult to consider the possibility of becoming disabled while you are still young, although, ruling out the possibility altogether would be careless.
A large percentage of individuals in their 40’s are likely to experience a long-term disability.
This means that your chances of needing this type of cover will not decrease as you get older as they will actually rapidly increase.
Long-term disabilities refer to disabilities that result in 90 or more days of work absence. Because no one can rule out the possibility of becoming ill, injured, or disabled even for shorter periods of time suggests that everyone should take care in ensuring they have disability insurance.
Different Policies
When opting for suitable disability insurance, it is essential to take into account that there are mainly two different types of policies to consider.
The option between a long-term policy and a short-term policy should be considered. While short-term policies will provide cover for up to six months, long-term policies provide cover for longer than six months.
Understandable, a long-term policy is usually the best option to consider as short-term policies will not provide cover for injuries, illness, and disabilities that are long-term.
Determining the specifics of the policy you are considering is essential for ultimate peace of mind. Make sure that you fully understand the terms of the policy as it is never a great idea to simply assume.
Peace Of Mind
While too many people are attempting to believe that they are immune to the possibility that an unpredictable circumstance such as illness may leave them without an income, there is an undeniable sense of peace of mind that comes with having this type of insurance.
It is always best to plan for unpleasant situations to ensure that you are properly taken care of. Preparing for the future and anything that it may hold is vital for peace of mind, which is why we should all consider the protection that this type of insurance is able to offer.
Take time and care in considering the specifics of the policy and opt for a policy that provides the best benefits for the longest term.