If you get injured, illness or becomes sick due to disability, insurance replaces around 60 to 80% of your income. Unlike health insurance which only covers the medical related procedures here in disability insurance it supplements to pay your everyday or monthly expenses.
Get ready to buy a short term disability insurance
It is very important for every individual who relies on a fixed monthly income or salary to have a disability insurance plan because it will help you to safeguard your all daily and monthly expenses. Especially being a fixed monthly salaried worker you won’t be having enough savings to back your all sorts of finances in case you go through disability.
How to get a disability insurance?
First and foremost thing is to understand that do you need a insurance or not? Are you vulnerable to get any form of disability in future? Yes, of course you are vulnerable and you do need insurance because according to an estimate 6 out of 10 people will go through disability in their working age itself.
Choose the company according to the policy cost and individual situation including your profession. You can get the disability quote from multiple companies so that it becomes easier for you to compare which company offers best affordable rates when it comes to getting you the best coverage or high premium.
Cost of disability insurance
The cost of insurance varies from company to company but there are also some factors on the basis of which the cost of insurance is decided such as-
- Age – the younger you are less expensive will be your policy and older you are more expensive could be you insurance in comparison to younger person than you. So, it’s best to get insurance policy in affordable rate when you are young.
- Occupation – based on the risk involved in your profession or if your occupation is classified as high risk occupation than you need to pay more for your policy.
- Coverage – the coverage depends on age, occupation, time period of policy etc. The amount of money your insurer pays to you if you become disabled. Higher coverage amounts result in higher premiums.
- Period of benefit – the benefit period is extended as long as your term is mentioned in the policy as in case of short term disability insurance the general time period for receiving the insurance is between 12 to 24 months or until you don’t recover in the timeframe of your mentioned policy.
- Affordability – short term disability insurance is affordable if purchased through employer
- You can get the insurance through the employer or by yourself depending upon which suitable opportunity you have.
To further know about the policy in detail you can send your basic info to get a quick disability insurance quote and all the rates, coverage and terms & conditions will be recommended to you. Once you are satisfied with the policy features you can enroll into our services through online medium or in case you want further clarification clients are always available to make you understand the whole process and you can enroll into the insurance policy through offline medium as well.