Disability Insurance Definitions
Disability Definition Is Important
Disability Insurance has been around for very many years. It used to be
referred to as income replacement insurance by some insurance companies.
Because some of the definitions can be quite unintentionally misleading
I ask you to take some time to absorb each detail of this article.
Knowing what you are buying is important. You want to own the type of disability policy that pays when you need it to pay.
In the event of your Disability you, as well as your family, could have Serious Financial Problems. Compare disability insurance and Save!
Disability Insurance - Things You Need To Know
- Definition Of Disability
If a person is incapacitated in any way and as a result is
unable to work in the occupation which he or she has enjoyed or has
become accustomed that person is considered disabled. There are
today still defining disability as not being able to work in any
occupation after becoming ill.
The scary thing is that people live under
an illusion that they are covered with disability insurance.
Please pay special attention to definition before you buy a disability
insurance policy. The policy must say own occupation.
It is also of great importance that the policy is non cancel-able and guaranteed renewable.
This indicates that the insurance policy cannot be canceled
by the company except for non payment of premiums and the terms of the policy itself cannot be altered in any way.
- Elimination Or Waiting Period
The elimination period of your policy is the period of time
you wait before payment of the benefits begin. This is an agreement by
contract that is selected when purchasing the policy. You may choose an
elimination period of 30 days, 60 days, 90 days, 180 days, 360 days or
720 days. The shorter the elimination period the higher the premium.
Most people choose an elimination period of about 90 days as they feel
pretty certain that they can hang on for at least that period of time
before they are in need of additional cash.
- Benefit Period
The benefit period is the period of time that you will be paid
an income during your disability. This period may vary but most life
insurance companies pay a disabled person for 2 years, 5 years or to age
65. Some go beyond age 65. The longer the benefit period the higher the
People become disabled, at least for a short period of time, as
many as 5 times during their lifetime. This in many cases mean a loss of
income...which could be quite devastating to a person or an entire
family. A disability insurance policy could be a secure hedge
against such an eventuality. The amount of income that you are allowed
to insure yourself for is between 40% and 60% of your gross income.
Be certain your insurance company will pay when you need them. The Definition Of Disability can be Quite Misleading. Click Here
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