What are you going to do if a loved one is disabled? Surely, their contribution to the family income will be missed. Nearly everyone has life insurance, but few people think about disability. Insurance is available that protects the insured when they are unable to work due to an illness or injury. In fact, disability insurance may be the only source of income for many. Insurance analysts report one is more likely to become disabled than die in an accident. Figures show one in five people between ages 35 and 65 will be disabled for at least five years before age 65.
Further, social security may not be an option. The agent expects a disability to last twelve months before an application is considered. Likewise, the agency’s definition of disability is very strict. An applicant must be so disabled that they cannot work any other job. Also, people need to check what their disability benefit would be under social security. It may not be enough to pay all the bills. Visit Nepainsurance.com to learn more about disability insurance. They offer short and long term disability policies. What is the difference? Short-term policies pay benefits for six months to a year. Long-term plans pay off during long periods of disability. Long-term benefits often kick-in after the short-term period is over.
An experienced insurance agent helps clients figure out how much disability coverage they need. The average person needs to pay rent or a mortgage. Further, there may be a car note, tuition, and other bills. Experts say disability is a major cause of bankruptcy. Consumers should shop around for the best premiums. Many jobs offer disability insurance as part of a benefits package. Also, professional organizations, like the Bar Association or Teachers’ unions, offer group policies. Most policies have a waiting period before they start paying. The waiting period is usually 90 to 180 days. An industry tip is the longer the waiting period, the lower the premium. Therefore, people who have savings may opt for the longer waiting period. Disability insurance is a must-have for people with property and family. It is an important safety net.
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