What are the Benefits of Disability Insurance?

Disability insurance is a highly necessary weapon against accidents. If you work in a particularly hazardous occupation where the chances of accidents are relatively higher, you should consider taking out disability insurance, such as Standard disability insurance from the various companies that offer it.

If you are still unsure about whether you should invest a part of your income in disability insurance, why don’t you go through the following tips to help you decide?

If, for any unforeseen reason, you are injured or you fall ill, you cannot go to work for a few days. In most professions, this would lead to a loss of income. In the event that you are disabled for a few weeks, this would be a substantial loss in your income. However, if you have disability insurance, such as Ameritas disability insurance, you can still recover some part of your income through your insurance scheme. In other words, you would at least still have money to pay your basic expenses and bills, so that you are not too stressed out because of your disability.

Even if you are still young, and you think that you are not likely to suffer any problems, you should take out disability insurance. For starters, you never know what might happen to you. Secondly, if you take out disability insurance such as Standard disability insurance when you are still healthy and young, you will actually receive lower premium rates and you will not have much difficulty getting this insurance scheme either.

If you do decide to get disability insurance, consider insuring around 60% to 80% of your income after taxes. An average individual spends nearly 70% of their income on making essential expenses that are required for day to day living. If you can insure this amount of your salary, you can focus on your recuperation without worrying about your day to day expenses.

If your company offers you coverage for disabilities, you might be tempted to stop with that. However, look carefully into what your company is offering you. The benefits made to you as a group might not be enough because of various limitations. The income covered might not be sufficient for you to sustain your family. If this is the case, consider additional disability insurance such as Ameritas disability insurance to allow you to cover some more of your income.

When you decide to buy insurance from another insurance company, look at the reputation and financial strength of the company. The company’s insurance premium might be higher, but you are more likely to benefit from them, as they will not make you run around if your claim is genuine. In addition, they will make all your payments on time, which will alleviate your stress in times of need.

Thus, disability insurance is no laughing matter. Consider it seriously, since it will help you to get through the times when you are unable to support your family due to injury or illness. If you get good disability insurance, you can count on it to be there when you cannot go to work due to reasons of disability.

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