Health Insurance

Disability Insurance

In this section, we cover everything you need to know about disability insurance. What it is, types of disability insurance, and how it works.

What is Disability Insurance?

Disability insurance is a type of insurance that covers a significant portion of your income in case something horrible happens to you, and you can no longer work. While the chance of missing months or even years of work because of an illness or injury may seem remote, especially if you are still young, the reality is quite different.

In fact, the Social Security Administration warns that at least one in four 20-year-olds risk suffering a disability for at least 90 days before they reach 67 years. While you may never think that this is going to be you, it is always good to be prepared in case the unexpected happens.

A disability insurance plan serves as an excellent long-term solution that goes beyond a three to six-month emergency fund. This is important not only to you but also to people who depend on your income.

Disability Insurance

Contact Insurance Master Today for Your Disability Insurance Policy

Think about what will happen if you become disabled and can no longer earn income. Are you ready to lead a miserable life just because you did not have a disability insurance policy? Probably not. Here at Insurance Master, our primary objective is to help you find an affordable disability insurance policy that will take care of your needs when the worst happens. Contact us today and let us help you find the right disability insurance policy that suits your needs.

What Are the Different Types of Disability Insurance?

There are two types of disability insurance policies that you need to know. Although both of them basically do the same thing in how they replace your income, a few differences exist between them. Here is how they stack up:

How Does Disability Insurance Work?

Disability insurance comes in various forms, and you can easily obtain your policy from a wide range of providers. You get an opportunity to work with professional and licensed insurance agents if you choose to buy your policy through Insurance Master.

The price of a disability insurance policy varies depending on the benefits you will enjoy, the elimination period, and how strict the definition of a disability is under your plan. Keep in mind that each policy may have its own definition of what qualifies to be classified as a disability. Therefore, it is essential to read and understand the terms of your policy before you buy it.

The two most common definitions of disability are “own occupation disability” and “any occupation disability.”

For own occupation disability,” you will be considered disabled if you can no longer work at the occupation you had before you became disabled. For instance, a medical surgeon with severe hand tremors who takes up a job as a lecturer at a university would still be eligible for benefits under the “own occupation” policy.

For “any occupation disability,” you are considered disabled if you are unable to perform any job at all. While this is a relatively harder policy to claim benefits from, the policy is also cheaper than the “own occupation” policy.

PS: Keep in mind that disability insurance does not cover your loved ones incase you die. You will need to purchase a life insurance policy for that purpose.

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