Disability Income Insurance

Disability Income Insurance: When You Need It the Most

Often people think about disability income insurance as something they don’t need until they get older, middle-aged or later, and their bodies start breaking down and giving them problems. Sadly, many young people are more vulnerable to illness because of the lifestyles they lead and their refusal to slow down when they become ill. In addition, young people have a tendency to always be on the go, go to work, go out and party, then go up and go to work on less than eight hours sleep a night, thus increasing their vulnerability to illness because of a compromised immune system. These early years when one is exposed to more illness and more prone to accidents are when you need the insurance the most. When people marry and start having children, they tend to slow down and start taking better care of themselves because there are others who depend upon them.

I Don’t Have a Family, So Why Should I Bother?

Unless you are independently wealthy, you need disability income insurance, especially if you do not live with your parents. For young people still living at home, it isn’t as much of a catastrophe unless you have a car and credit cards, but for those who have their own apartments or homes, it can mean the difference in whether bills are paid or not. No one of any age should ever think they don’t need disability income insurance unless you have a very generous employer who will pay you for an indefinite time if you should be ill or injured. Obviously, those kinds of employers are rare, so 99.9% of the population needs disability income insurance in case of a short of long-term disability.

Is Disability Income Insurance Worth the Price?

If you get a good price on disability income insurance, it is definitely worth every penny that you put into it. Remember that this is income the insurance carrier will pay you when you are ill or injured and cannot work. Short-term disability pays you for up to several months, and long-term for at least two years, and sometimes for the rest of your life. The premiums are contingent upon several factors such as your age, the kind of work you do, the waiting period, and the amount of distribution you seek. Short-term disability customarily has a 0-14 day waiting period, and long-term disability usually has a waiting period from three to six months depending upon the policy. It is usually set to take over when short-term disability runs out, though if it is employer-paid, it may be contingent upon your service time.

How Do I Know If I Have the Best Disability Income Insurance?

It’s difficult to know if you have the best disability income insurance, but if you take the time to research several carriers and obtain quotes before you purchase your policy, you are on the right track. Read the benefits and disclosures closely before you choose a carrier in order to be certain that it includes everything you need. It’s logical to want to choose the lowest quote, but before you do, make sure that it includes everything that a higher quote includes so that you know you getting a good deal. Remember the saying, “You get what you pay for,” and follow that as you obtain your quotes. Don’t make a decision until you have reviewed quotes for several different carriers and read all of the benefits and coverage they offer with their policies. If you aren’t happy with any of the initial quotes, keep looking because eventually you will find a carrier who has the desire and ability to meet your needs.