Disability insurance or often called disability income insurance is a form of insurance that insures the beneficiaries earned income against the risk that a disability creates not only performing ones simple day to day activities but also not able to go to work and earn . The disability can be caused due to accident, illness, or an injury.
Statistics shows that more than one in four 20 year olds today will be unable to work due to an illness or injury for one year or more before retirement. So, to deal with such big issue the whole idea and concept of disability income insurance has come into the picture.
Whole disability income insurance is supplementary in nature as it protects the lost income of policyholder and intends to reduce their financial hardships during their most difficult times of life like while going through disability. When policyholders don’t have to worry about their income they can focus more on their recovery.
Benefits of having disability income insurance
- Financial protector – disability income insurance is the best financial protector as it helps policyholders to protect their income from financial losses if illness or accident renders them incapable of working and getting regular income.
- Maintains standard of living – Individual with any kind of job or lying in any income group their standard of living will be maintained as insurance policy will back most portion of your income.
- Affordability and premium – If you get enrolled in the insurance in earlier age you will get the policy in affordable rate and premium received would also be high.
- Disability insurance is also available through public and private program.
- Low waiting period- whether long term disability insurance or short term disability insurance the claim will be forwarded with shortest possible time .
- Benefits can be exhausted till the time your disability period is not over or till the time you don’t get back to your work.
- Flexible policy – the insurance policy is flexible in nature as the policy can be amended at any point of time considering the changing needs of the customer and also if you change your job your insurance policy will still stay intact.
- Focus on recovery:- without having a disability insurance the time taken to recover from disability increases and recovering period could be more tough and stressful but on the other hand if you have a disability insurance policy than it makes your recovery time more easy as you can focus on recovery without taking any stress about finances.
Disability income insurance will always protect you from going through any financial hardships. It will remain as a best financial protector when you cannot go to your job because of disability. You can easily evaluate according to your needs that how much cover you need to ensure your family’s lifestyle is not compromised and at the same time you are able to fulfil your obligations towards the ones who are dependent on your income. But, all this can be possible only if you have a disability income insurance policy. So, don’t waste time and secure your future by getting enrolled in disability income insurance policy today itself.