The facts about disability insurance
Thursday, August 14th, 2008
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Disability cover is often passed by when looking for insurance. Although people will insure their estate and vehicles, they easily overlook the importance of insuring themselves personally against injury. Disability insurance pays funds when you can’t provide for your family.
Why do so many people over look this type of insurance?
While there is no way to know, it is often thought that people have the idea that they will not get hurt and they will be able to work as long as they would like. Unfortunately, that does not happen for many people.
People become ill or are involved in accidents without any warning, which could devastate a family that is dependent on their family for financial stability.
Disability insurance is often purchased as part of life insurance coverage, but can be sold separately. This is often called total and permanent disability insurance. It provides you with funds to pay for your bills should you be unable to work.
There are also some disability insurance plans that provide for temporary coverage, but this may also be provided by your health provider or your worker’s compensation (should you be hurt on the job). This type of temporary coverage is called income protection insurance.