Disability Insurance to Minimize Risk of Losing Your Income Forever

A case of disability can strike at any time. It can happen now or 10 years from now or 20 years from now or 50 years from now. It is all possible. Nobody can predict the future. What happen to you and your family if you suddenly unable to work and have to stay at home resting all the time? What happen if you are the only one working to feed your entire family and you suddenly lose your income? How will you continue living with all the prices getting higher and higher every year? What will happen to your kids education? Who will feed them? We have to be ready for any case of scenario. The solution to reduce this risk is to have a disability insurance for your occupation. But before you choose your insurance agency, you have to understand the exact language they use. There are three basic types: Own Occupation Disability Insurance, Income Replacement Insurance, Gainful Occupation Coverage. In Own Occupation Disability Insurance type, there will be a definition that says: “The inability to perform the material and substantial duties of your regular occupation, the insurance company will consider your occupation to be the occupation you are engaged in at the time you become disabled, they will pay the claim even if you are working in some other capacity.” This type of insurance will consider your occupation when the incident that cause disability occurs.

You still get your claim paid even if you are working another job. In the second type – Income Replacement Insurance, the term sounds something like this: “Because of sickness or injury you are unable to perform the material and substantial duties of your occupation, and are not engaged in any other occupation,” meaning you only get your claim paid if you do not work another occupation or earn money of any kind. Many people would choose to go back to work if possible because they do not want to stay at home or because they feel that they are still capable of doing something else. In this case, the insurance company will break the contract and it would be more or less useless. The third type is the worst of all type of disability insurance for your occupation – Gainful Occupation Coverage. The term basically says that whether you are considered disable or not is completely up to the insurance company. Many people who choose their insurance based on the lowest rate end up with this type of insurance which is basically worthless.

Now how to choose the best disability insurance for advertising professionals? In these couple decades, this disability insurance for advertising professionals becomes so specialized. But still only few companies offer this product. So, it makes it easier to choose between companies. The thing to consider is to choose company that has good track record and stable financially because the disability could happen at any time. When applying for insurance, the company will weigh some factors to determine the price – gender, specialty, location, income, age, health, and also employment status. If you are located in dangerous location or have bad health record, the price will be higher.

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