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Posted: 1 Jan '21
Most self-employed workers do not consider disability insurance. People who work for major corporations often take this benefit for
granted. If you go out on your own, it's important to remember that anything can happen. Here are a few details that you may be overlooking
by not considering a disability policy as part of your insurance portfolio. Contact us today.
There are two types of disability insurance, critical illness, and long-term. A long-term policy will help you pay your bills and cost of living the minute you become injured and are unable to work. A critical illness policy will pay you a one-time payment to take care of expenses if your doctor tells you have a covered illness. Let's go into a bit more detail.
Long term disability policies can be defined in two ways. You can purchase insurance that will cover you if you cannot work in your occupation, or any occupation. If you choose a policy defined under any occupation and you become injured, you may not be paid because your doctor says you can't work at your current job, but you can at a less demanding job. A policy that will pay out if you cannot work at your specific occupation will pay if you are injured or become sick and cannot work at your job.
The payout's length and the amount will be defined by what you work out with your insurance broker. To keep your current quality of life, you may want a policy that is underwritten to pay you if you are unable to work at your specific job.
A critical illness policy can be expensive. These policies only cover illnesses that have been approved by the insurance carrier. They also pay out one large single payment to the claimant for things such as medical equipment and retrofitting your home for your future care.
If you do not have any disability insurance, you should look into a long-term disability policy first. This will be the most flexible. Give Vistaplan Financial a call today. We can help you better understand the difference between policies and make sure you are getting the best value.
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their
families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance
products they are purchasing, so they can make the right choices for their budgets, plans, and futures.