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Disability Insurance


The future is never certain but certainly it is unpredictable. This is why it is so important to purchase insurance options that can help you and your family in times of need. A perfect example is disability insurance, which can pay out replacement income in the event that you are no longer able to work due to a serious accident or illness.
Should you be hurt in an accident, this insurance can kick in to pay for medical bills, the mortgage and so much more. No matter whether you’re married or single, with children or not, obtaining disability insurance can make a huge difference when the money dries up due to a temporary or permanent disability. Employers sometimes offer this as an option in their benefit packages. Always keep in mind that there is a waiting period before payments can be initiated after a claim is initiated.
Premium payments are determined by annual income and usually a medical exam. These results can often loom large in the determination of the monthly premium.
There are two types of disability insurance: short and long term. Short term provides benefits for a certain period of time after you are injured or take ill without the capability to work. It is, however, finite in duration and the policyholder is expected to recover and get back to work after the period of treatment and healing has elapsed. Long-term coverage means the payment duration will often last far longer. If one wishes, one can obtain both kinds of insurance to cover both scenarios.
Talk to an insurance pro today to become informed on all possibilities. Accidents do happen and people do fall ill. This is why disability insurance can be so important.