There comes a time in life unexpected life situations can force you to quit working perhaps because of illnesses or a serious injury. What do you do in such a case and you have dependants looking up to you as the main breadwinner? It is in such times that a disability income insurance coverage comes in handy. This is a type of coverage that will replace a particular percentage of your total monthly income should anything happen to you and you are unable to continue working. In other words, it is a means of protecting your future and that of your family, and guaranteeing you the good quality of life that you have always envisioned and dreamt of.
Unlike other types of insurances available in the market today that will only cover a particular type or accident or a specified illness, disability insurance covers all illnesses and injuries unless they are specifically excluded in the terms and conditions of the policy. Further, the coverage will not limit your benefit of such obligations like loans or mortgage that you might want in future. Simply put, it offers you a real income protection giving you the flexibility and ability to control your benefits when you need them the most.
You can get your disability insurance through an individual or group setting (as the one provided by most employers). While there are various benefits to taking a group disability income insurance, notably the limited medical underwriting and the significantly low cost of coverage is what attracts many to personal disability insurance which is taken on an individual basis and will offer much more comprehensive coverage. If you rely on your monthly income to foot your monthly bills, support your family and close relatives financially and maintain a good quality of life, then personal disability income insurance is a must for you.
If you are self-employed, on business, or are salaried and your employer does not have any sort of disability benefits scheme in place, a personal disability insurance is also a good choice for you, and is a must if you want to have your future secured. This is the only way you can protect and cover your earning potential. There are those who argue that the cover is very expensive but even if you take a short-term policy that will give you coverage for 2-5 years, you will still be a step ahead than with none at all.
Just because you are under group disability coverage doesn’t mean you cannot take personal disability income insurance. In most cases, the group disability benefits in place will not give you the amount of insurance coverage that you want or deserve, so you might want to take a personal disability income insurance to make up for the shortage in protection.