Being injured unexpectedly can have a severe impact on your ability to provide for your loved ones. This is caused by extended periods away from work in addition to the high costs of treatment often put families in tough positions. In the event of an injury or illness that prevents you from working, disability insurance can replace up to 70% of your typical income, allowing you to maintain a livable income. Typically, these benefits would be paid out to you in the form of tax-free monthly payments, giving you the ability to find the best treatments and therapies for your recovery, all while maintaining the peace of mind that your family is being provided for.
Before purchasing disability insurance, consider the following two factors: the waiting period and the benefit period. The waiting period refers to the amount of time before you begin to receive your benefits, and it can last typically between 30 and 180 days, although sometimes more. The longer the duration of your waiting period, the more inexpensive the policy will be. Yet it is important to recall, during this waiting period you must sustain yourself without any income. The benefit period refers to the amount of time you will receive your insurance benefits after sustaining your injury. Typically, this is within the time frame of 2 years, 5 years, or until the age of 65.
In addition, with some insurance companies, if you added a return of premium rider to your policy, you can be entitled to up to 50% of your money back every eight years so long as you have not claimed the insurance. This means that should you pay a monthly premium for eight years and never need to make an insurance claim, you will receive 50% of your premium back in one lump payment.
Own Occupation Rider – available based on income, years of work experience and education. The own occupation rider waives the requirement that clients must not be working in order to receive total disability. It means that if you become totally disabled, you will be considered disabled in your regular occupation. This rider allows the insured to work in another occupation and still receive full benefits for a total disability, e.g.: Surgeon who loses a few fingers on his dominant hand. He’s obviously out of the surgical business, but he has many other professional options such as teaching in medical school, consulting, and more.
For full information about own occupation rider you are welcome to call me at any time.
If you are self-employed or working in an occupation where there is the possibility of illness or injury, then disability insurance is of the utmost importance.
I am committed to helping you find the insurance plan that offers you the most coverage at the best rates and tailored to your personal requirements. Contact Insurance by Mira today!