For some unknown reason, disability insurance seems to be largely overlooked. Maybe you’re afraid to ask for it because you’re intimidated by the idea of talking to an insurance salesperson. Or maybe you think that you can’t afford it. Well, either of those reasons could be correct. You certainly don’t have to break the bank or anything like that. In fact, if you shop around for a good quote, you’ll find that there are many affordable policies out there.
First off, a disability insurance policy is a great benefit for many people. But for others, it’s just not a necessary expense. Perhaps you’re already covered to a certain degree through your employer. If so, you need to contact the human resources department of your company and ask them if they offer any cost savings on this coverage. Chances are, if you’ve looked long and hard enough, you know that you’ll likely be getting a good deal. Usually, the insurance company that you’re dealing with already has a policy with them, which means that they’re willing to pass along some cost savings.
If you don’t currently have health coverage at all, then it’s even more important that you get a good broker. You want to make sure that your beneficiaries will actually receive the benefit if something happens to you. With any luck, you should be able to find one that has a long history of making these types of claims and can help you stay within your family’s budget. Once you do, you’ll have peace of mind knowing that your family will be taken care of if anything happens to you Disability insurance broker.
What if you don’t have insurance coverage? Well, one of the best ways for you to prepare for any eventuality is to make sure you have an emergency fund set up just for those situations. The disability insurance company should be happy to help you set up an emergency fund with them, but it’s often best for you to do this on your own. This is because the company isn’t going to have the time or the resources to devote to looking into your case and contacting a benefits adviser to help you.
If your job pays reasonably well, then you might want to consider taking a look at your occupation’s benefits package. Often times, you’ll be able to set up a benefit that covers your living expenses while you’re unable to work, as long as your job qualifies as “full-time.” If your occupation doesn’t qualify as a full-time job, then you may be able to purchase added benefits, such as extended benefits, just in case you experience a short period of loss of income while you’re not able to work. Many people choose to put off benefits until their employment contracts end, but that option rarely presents problems when it comes to disability insurance policies.
If your occupation’s benefit package does not meet the guidelines set forth above, then you may have to get these additional benefits to provide for the extra expense. Again, though, this shouldn’t really be much of a problem if you’re making enough money to cover the cost of paying benefits. Remember, the goal is to provide your family with extra income so that they can pay the mortgage on the new home, pay for college education costs, send the children to college, etc. Even a relatively small increase in your income could be enough to take care of some of these things, which is why you need to have a plan in place.