Why Should One Opt For Disability Insurance?

June 23, 2013

Insurance

No one likes to think about a situation where he becomes disabled and cannot support his family. This seems awkward to people and hence considering disability insurance is completely ruled out. However, if one sits and understands the purpose of buying disability insurance, it might turn out to be a relevant and essential thing. People who are solely responsible for financial support to their family must never ignore buying an insurance policy for unforeseen situations.

About Disability Insurance

A person can get disabled due to various reasons. Accidents and severe illness are two major reasons. In such situations, treatment usually goes on for long time period. Thus, this leads to increased expenses with no or minimum income in family. It is better to be prepared in advance. People, who understand this, opt for disability insurance without delay. In this type of insurance, companies pay money on a regular basis to the person which is enough for the treatment and financial support for the family. This proves to be a great support in times of crisis.

Disability Insurance against Health Insurance

People usually get confused between a disability and a health insurance. It is essential that a person who wants to buy insurance must understand the difference before taking a decision. A person when buys health insurance, he ensures that when he is ill and opts for treatment, his bills will be paid. The insurance includes hospital expenses, doctor’s fees and medical bills. This means that the insurance is not concerned about supporting the family.

In case of disability a person has to undergo long treatment and cannot earn till he recovers, thus health insurance does not prove to be useful. It offers coverage in certain cases and for particular diseases.

Disability Insurance Vs Long Term Care Insurance

Long term care insurance comes into play when a person suffers from diseases like Alzheimer, cognitive impairment etc. This is also valid in case of disability. The person can opt for adult day care, nursing home or for visiting nurse. The insurance company pays for such expenses. But then again, there is no financial help for the family.

Buying disability insurance has its own benefits which cannot be obtained by buying either health insurance or long term care insurance. There are several companies offering disability insurance. Therefore, a person can opt for a policy which offers desired coverage. Since the coverage is given as periodical payment, the person must calculate and determine the amount that will be sufficient. The desired coverage affects the premiums to be paid. Premium plans also vary according to occupation the person has. People who have job profiles like mining, construction, fire officers etc. have to pay higher premiums. Insurance companies believe that these people have risky jobs and thus chances of disability are more.

However, since insurance industry has become highly competitive, companies try to attract customers by offering better quotes and benefits compared to others. This is an advantage for people who want to buy disability insurance. Critically comparing the quotes rendered by companies can help in taking a better decision.

For more information on Disability insurance quote, one must visit TermLife-Insurance.com. One can find useful tips when buying the insurance.

Why Should One Opt For Disability Insurance?

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Disability Insurance