5 Tips For Selecting Disability Income Insurance If your family depend on your income for their sustenance, you almost certainly worry about what would happen to them if you got sick or seriously injured and your absence from work kept you from paying the household debts. You are certainly not alone in this fear as many Americans wonder what would happen if for some reason they became disabled. In the United States, the simple fact remains that the odds of becoming disabled are quite high. According to the Social Security Administration, there is a 30% change of a 20-year-old becoming impaired before retirement. This is an especially important statistic now that more and more people are living to 65. Thankfully, there is disability income insurance which will help give you a peace of mind. With regard to insurance, this can be one of the more important policies you could ever purchase. So what specifically is disability income insurance coverage? Basically your future income is safeguarded with a policy of this type. You need this type of insurance to ensure you are able to pay monthly bill when not being able to work due to illness or injury. In some ways, having good disability insurance might be even more important than life insurance or automobile insurance when you consider the amount of money at stake. Naturally you ought to have all sorts of coverage for your protection. The following are five tips for choosing the insurance that is good for you and your family. An employer should offer you some type of disability insurance you can opt to join more often than not. Employers usually cover their employees or can give you a disability insurance policy at a group rate which would be much more affordable than if you were to purchase a personal policy. If you're self employed or are not offered an insurance plan from an employer, there are still many choices for disability coverage. You can also find out if any professional associations connected with your career offer group rates. If you want to, a smart plan would be to shop around. If your employer fails to automatically offer a disability plan, there are a lot of insurance plans on the market for you to examine. Items to consider is the coverage it supplies and the rates at which you can get a policy. Many carriers have quick calculators you can use on their websites so that you can approximate how much your monthly premium should be based on your age, gender and profession. Should I choose long-term or short-term disability insurance coverage? Long term disability insurance coverage is typically better when deciding between the two. For short term disabilities, most people can manage until they go back to work. Planning ahead and having a savings that would be at least 3 to 6 months of living expenses is advisable when not selecting a temporary disability plan. Read the fine print. When you are selecting your disability coverage, you must ensure to pick a plan that will cover you General Agent Center, Inc.
5 Tips For Selecting Disability Income Insurance until eventually you retire. You also need to select a plan that can't be terminated by the insurer and that would change to compensate for cost of living increases. Understand precisely what you need. Before you choose your disability income insurance, you need to find out how much of your income your disability benefit would replace. For example, if your employer's plan would mainly cover 66% of your current pay, you may want to get your own supplemental insurance so as to pay all of your bills. To secure a monthly income in the eventuality of an accident, call an agent from Paycheck Protection Plans about a disability income insurance quote. Visit www.paycheckprotectionplans.com to find out more information on Paycheck Protection Plans.
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General Agent Center, Inc.
Published on May 6, 2014
To secure a monthly income in the eventuality of an accident, call an agent from Paycheck Protection Plans about a disability income insuran...