What is disability insurance?
Suppose if you met with an accident and got injured or suppose you got ill due to a disease and are not able to go to work then disability insurance replaces most fraction of your income that you were getting in your latest job. Unlike health insurance policies which only focuses on medical procedures disability insurance policy by covering most part of your lost income due to disability which can be utilized in paying bills as well as running your entire monthly expenses without any additional burden.
It is very important to know that anyone who relies on salaried income or is in the highly skilled profession should safeguard their future from future vulnerabilities by getting disability insurance coverage plan as it will protect you against the risk of missing the payment on your daily or monthly expenses and paying other bills etc.
What is the purpose of disability insurance?
The whole purpose of disability insurance is to forward the coverage /claim when you can’t work and carry on your job due to disability. Disability insurance covers everything in the form of short term or long term disability depending upon the type of which disability insurance plan you have enrolled in and the benefits will be forwarded accordingly.
Types of disabilities covered
Disabilities covered under the insurance can be due to illness, injury or accidents which are briefly mentioned as follows:
- Musculoskeletal disability
- Cancer and tumors
- Accidents and injuries
- Cardiovascular and circulatory diseases
- Mental Disorders
How does disability insurance help?
Disability insurance not only becomes your financial protector by replacing most portion of your income but also helps you in recovery as mentally the insurance won’t let you worry about finances and hence, you could better focus on rehabilitation that can help you to recover from disability.
How your disability is insurance calculated?
The value of your disability insurance can be evaluated by keeping in mind various factors such as:-
- Your monthly or annual income
- Occupation:-Salaried/self-employed/professional
- Age
- Lifestyle – This includes your personal habits like smoking or consuming tobacco etc.
The more early you get insurance also considering the age it would be affordable and with it more premium you will receive.
Get an instant disability insurance quote
Disability insurance quotes can be known through both mediums online as well as the offline mode. Not only this can have you got a quote for free through online calculator which evaluates your entire policy considering different factors of age and salary etc. Each and every step of is provided through online mode from resolving any query to knowing the current status. Also the insurance can be claimed very easily with least to least amount of waiting period.
Through the calculator you can also get to know that from which type of policy how much cover you would receive.
You need to ensure that you and your family’s lifestyle is not compromised at any cost even if you are not able to work. Disability insurance will better take care of your finances by removing the financial burden from your shoulders. So, get ready and get instantly a disability insurance quote.
Apart from this, if you are interested to know more about Smart Loan Decisions then visit our Finance category
