Disablity Insurance. Is it Important ?

Many people can ignore disability insurance. They do not include it in their insurance portfolios even though they consider life insurance, health insurance, auto insurance and insurance for the house they own of paramount importance. These people gamble against the odds that they could become disabled…

When you consider that one in three people will be disabled for at least 90 days during their working years this gamble is a a riskier one. Consider also that the average disability lasts over 3 years. This type of insurance should be considered a priority.

* Disability

When considering disability insurance the definition of disability is important as this will determine whether or not you get paid. If you are unable to perform the primary duties of your chosen occupation you are disabled. If you are unable to work in your own occupation a good disability policy will pay the amount for which you are insured. If on the other hand you own a policy which that you are disabled if you cannot perform any duties in any occupation you will never get paid as that definition indicates that you have to be at deaths door.

* Non Cancellable And Guaranteed Renewable Policies

Pay special attention to the wording of your disability insurance policy. It should be non cancellable and guaranteed renewable disability insurance. That means that the insurance company cannot refuse to renew your policy within a specific period of time, usually to age 65. The premiums cannot be increased by the insurance company unless set forth in the policy and the terms of the policy cannot be altered in any way.

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