Disability insurance also known as Disability Income Insurance (DI) insurance. This is a type of insurance that provides coverage to you when you become too sick or injured to work for an extend period of time. The DI policy will help to cover up a portion of your income such as commissions and bonuses. It’s relevant for you to know that if you have group long-term disability insurance through your employer, which may not be sufficient.
Disability income insurance when you boil it down, it’s done to insure for a portion of your income. And your income more than your vehicle, or home or any huge ticket item – it’s your most valuable asset. It’s what pays for your vital expenses such like food, utilities, housing, transportation, clothing and other vital needs you may come across. Your income mostly help you support your relatives and love ones.
Who should consider disability income insurance?
When you become too ill or hurt to work, disability income insurance can help you cover 45% to 65% of your income. If you have people who survive under you, either financially, college tuition cover, and mortgage payments, It’s advisable you consider disability income insurance.
Disability income insurance features and benefits.
Income protection – man’s best asset in life is his income, without your income, it will be difficult for you to support you self financially and even your love ones, as well as keeping your future plans on track. Individual disability income can support you to stay on track by protecting some parts of your income be it day, weekly, monthly or annually.
Retirement protection – the disability income insurance can also help to cover up for an individual by prevent you from using your retirement savings to do other budgeted plans. You may also purchase the policy to help you save for retirement while you are still disable.
Customizable coverage – in some cases, an individual’s disability income maybe customized with a special features, for you to get ready for your future. For instance, you may decide to choose a rider to your policy who will allow your coverage to grow properly as your salary advance.
What are the processes for getting a disability income insurance?
If you are working with a professional, you are expected to:
- Analyze – in your first phone call, your financial professional will various questions to know your financial aims and objectives.
- Recommend – after your financial professional has finished reviewing your financial profile, he will create different suggestions for you to fill the gaps so that choose the best products for situation.
- Purchase – when you get satisfied with their recommendations, they follow you up to ensure that they secure the products and services to promote your financial future. Some times this may require a medical examination.
Review – in this stage, your financial professional will work along with you for long period of time through periodic reviews to help you monitor the strategies in place, and their capacity to achieve your final goals.