Income protection insurance can cover you in the event
of a severe accident or illness but, it really depends on how much disability
income insurance you purchase as to whether or not it will be able to
meet all of your financial needs. The greatest number of families have
no form of disability income insurance.
Income insurance covers
the first few months.
Short term disability income insurance is a temporary relief though.
If your condition prevents you from working for more than the covered
period, then you will need to rely on long term disability income
insurance.
Disability insurance can be purchased up to a certain percentage
of your income and is tax free if you pay for it yourself.
Disability insurance does not mean you have to take the maximum
but you would be wise to take sufficient to cover your monthly
bills, even if you give up covering some items.
Disability insurance is sometimes hard to think about. Some people
believe that if they make a Will that it will bring them faster
to their Maker. Ditto for disability; take a policy and get disabled.
But of course it doesn't work that way. |
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Insure your income against disabilty or illness.
And the worst thing to do is to consider taking a policy and then becoming
disabled before getting a policy in force. Disability insurance quotes
will give you firm premium figures for various amounts of income and then
you can make up your mind what to do. Even if you take a disability insurance
policy with the longest waiting period, it will start paying when you
, really, really need it.
Disability insurance cost should be considered as a percentage of your
income. If you earn $60,000 a year is 2% or 3% of that too high a cost
to ensure that your net income will continue? Only you can answer that
after you have obtained a written disability insurance quote based on
your income.
