How Important is Disability Insurance
Disability insurance is one of the most important types of coverage a person should own. Statistically the chances of experiencing a disability before age 65 are very high. Everyday people go to the hospital and some have to take days or months off work. Where will your income come from? The family bills keep on coming and the income stops what will happen to your savings? This is especially important if you're self employed.
The most important definition to look for is the definition of Total Disability. Depending on your occupation the best contracts cover you for total disability to age 65 if you can not preform the duties of your regular occupation.
The comparison is that most group policies will cover you for 24 months in your regular occupation and after 24 months you must be disabled from "all" occupations by reason of education, training or experience.
Don't wait for a disability to find out how long your contract will pay you. Check it out now or ask an experienced insurance person to read it for you.
Secondly you should know at over 90% of the money paid from insurance companies is paid on Residual or Partial disability claims. That means you can still work but on a reduced basis with a reduced income. Again find out how your contract will treat you if your income is reduced to 50%. Will your receive anything?
We all know someone who is disabled or has been disabled for some time. What if that happened to you where would your income come from?
Medicals are always required to get disability coverage issued.
The quality of your disability contract will determine your families security if your income is interrupted by a disability.