Why You Need a Disability Insurance Policy
Disability insurance is an optional insurance program that pays out if you become disabled for an extended period of time and are unable to work.
Insurance experts warn that being out of work for a year or more has the potential to empty the savings account of even the most careful planner.
If you have a family to support, or if you are just concerned about how you would support yourself in the event of a prolonged injury or illness, it makes sense to consider buying disability insurance.
Disability Insurance Through an Employer Many employers offer this type of insurance to their employees either free or at a nominal cost.
The amount of time you will be paid if you are unable to work varies according to the policies of each employer.
Also, some employers separate disability insurance payments into short-term or long-term disability and others do not.
Most employers require you to sign up for this benefit, so don't assume that you automatically have it.
It pays to know the details of your insurance policy well in advance of ever having to use it.
Unfortunately, many working people do not have access to disability insurance, either because they work part-time, are self-employed or work through a temporary employment agency.
It is also a benefit that some employers have chosen to cut back on it difficult financial times.
If you desire to have disability insurance and do not have access to it through an employer, there are several places you can look to find the right policy for you and your family.
How to Find Your Own Disability Insurance One place to start is by asking a representative of companies that you already have insurance with, such as your health or auto insurance provider.
If the company itself does not offer insurance for disabilities, they may be able to refer you to another place that does.
Another good resource is an Internet search.
This will likely yield you several companies to choose from, although it may be more helpful to make use of an insurance comparison website.
This type of site gives you the features, deductibles, cost and many other pieces of key information for several companies at the same time.
If you see something you like, contact information is available for each company.
Choosing the Best Policy You will need to have a good idea of your monthly and annual expenses and large purchases that are planned for the future, such as helping to pay for a child's college education or wedding.
If you find that you have over calculated, you can always adjust your policy to have less coverage.
After your budget has been figured out, make sure you know exactly what the policy covers before purchasing it.
Insurance experts warn that being out of work for a year or more has the potential to empty the savings account of even the most careful planner.
If you have a family to support, or if you are just concerned about how you would support yourself in the event of a prolonged injury or illness, it makes sense to consider buying disability insurance.
Disability Insurance Through an Employer Many employers offer this type of insurance to their employees either free or at a nominal cost.
The amount of time you will be paid if you are unable to work varies according to the policies of each employer.
Also, some employers separate disability insurance payments into short-term or long-term disability and others do not.
Most employers require you to sign up for this benefit, so don't assume that you automatically have it.
It pays to know the details of your insurance policy well in advance of ever having to use it.
Unfortunately, many working people do not have access to disability insurance, either because they work part-time, are self-employed or work through a temporary employment agency.
It is also a benefit that some employers have chosen to cut back on it difficult financial times.
If you desire to have disability insurance and do not have access to it through an employer, there are several places you can look to find the right policy for you and your family.
How to Find Your Own Disability Insurance One place to start is by asking a representative of companies that you already have insurance with, such as your health or auto insurance provider.
If the company itself does not offer insurance for disabilities, they may be able to refer you to another place that does.
Another good resource is an Internet search.
This will likely yield you several companies to choose from, although it may be more helpful to make use of an insurance comparison website.
This type of site gives you the features, deductibles, cost and many other pieces of key information for several companies at the same time.
If you see something you like, contact information is available for each company.
Choosing the Best Policy You will need to have a good idea of your monthly and annual expenses and large purchases that are planned for the future, such as helping to pay for a child's college education or wedding.
If you find that you have over calculated, you can always adjust your policy to have less coverage.
After your budget has been figured out, make sure you know exactly what the policy covers before purchasing it.
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