Have You Contemplated Disability Insurance?Insurance | October 2, 2009 at 3:56 am
You might have taken life insurance to ensure security to your family after you bid the final adieu, but did you ever think of how your family will be affected in the eventuality of any disability? I really don’t want to sound pessimistic, but imagine if you were to meet with a sudden adversity causing disability, which is happening more frequently with workers than a premature death, how will you ensure financial security for your family?
Disability insurance is most often ignored. But for any worker disability is one of the greatest risk factors, and people should take adequate measures to insure themselves against disability. A disability can strike all of a sudden and then you run the risk of becoming handicapped for life. Sickness and accidents are more common than deaths. They will disable you from working. This might prevent you from taking any other kind of insurance at all. Moreover, when you are disabled, you’ll not have the physical disposition to run around for any kind of insurance. Being insured for disability, you can always run to the insuring company for help first. Given the high treatment costs due to the health care reform bill, you simply cannot ignore this very useful insurance. This is the reason in many disability awareness camps education about disability insurance is always imparted as a first priority task.
Your employer might be already covering you under some kind of disability protection scheme. Your employer paid plan comes at 60% of your salary. Don’t forget that in this scheme you’ve got to pay taxes for all the benefits. These days you might also have to CORBA premiums. Separate disability insurance does not have any of these obligations. Ultimately the 60 % income comes down to just 37 % on hand, and you’ll have to survive on that. In the present economic times when leading a hand-to-mouth existence is becoming quite difficult, do you think you can survive on just 37 % of your income? With proper disability insurance you’ll still get 100 % of your salary on hand.
If you still think disability insurance is not all that important for you, just think how you’ll give a comfortable living to your family in the case of any sudden eventuality. These are economically uncertain times. The health of most people is not up to the mark due to environmental pollution, lifestyle problems, and economical stress. People are not doing a lot of retirement savings because they are not sure about their futures. So many people have lost their jobs and retirement savings is a meaningless thing for them. This is the reason these days, there’s a marked increase in disability insurance.
A lot of insurance companies have come up with disability policies. The insurance costs range from just 1-4 percent of your annual income. Your benefits can range from a year to a lifetime. You can select any good disability policy and go ahead with it.