Life is full of uncertainties. If you are working right and earning money right now and you think everything will just like this, you are wrong. There are a large number of people who get permanent injuries in accidents or any other such situations. In such worst cases, you will face a lot of problems as your income will fall. In order to avoid the impacts of your lowered income on you and your loved ones, you should have a disability income insurance quotes.
In this article, we are going to discuss the advantages of having a quote like this. We will help you clear all the fundamentals of disability income insurance quotes. That would eventually help you in choosing the right one for you.
Disability insurance quote in brief
Before we jump to the later sections of this article, we would like to discuss what is a disability insurance quote in general. This is a type of insurance that would give you benefits in the times when you are not getting your paycheque. There may be many situations like getting sick or some accident causing injury. In such cases, having health insurance will provide you the medical costs and other benefits. But health insurance can’t provide you money for daily life.
And the disability insurance quotes are made for such serious situations. When you are planning to get one insurance, it is vital that you are aware of the types and other fundaments so that you can choose the right one.
The main types of disability insurance
There are two broad categories of disability insurance and they are long-term and short-term disability insurance plans.
Long-term disability insurance
These insurances are made to benefit you for a longer period of time. There are several plans that may help you till your retirement or up to a certain age. If you have a short-term insurance plan ongoing, you will get the benefits of long-term disability insurance only after the short-term plan has been exhausted.
Short-term disability insurance
These insurance quotes are made to benefit you for a shorter duration of time. Usually, they last for about three months and go up to a year.
Things to look for while you are buying a disability insurance plan
Now that you are aware of the benefits that you can get from such plans, if you plan to buy one, you should know how to choose it. Here, we will mention all the essential factors that you should consider in this process.
The coverage amount
This is the most important thing that you should look for. The coverage amount is the amount that you will get in the time of need. This amount depends a lot on how much you are earning on annual basis. Generally, 60% of your annual income is covered in most of long-term insurance plans.
The waiting period
This is also an effective factor. The waiting period is the time that you will wait for getting the benefits of this insurance. In most long-term insurance plans the waiting period begins after 30 days.
The benefit period decides the time up to which you will get the benefits from your insurance scheme. In most insurance plans, the benefits period lasts until the age of 65. If you choosing some other scheme, you should go for one having the benefit period of at least 5 years.
It should be non-cancellable
This feature is one of the most desired ones when you are looking for a disability insurance quote. If you opt for one of these insurance plans, the company has no right to change the terms of your insurance plan.
With the help of this article, we tried to help you in getting all the essential information about physician disability insurance. You can visit Instant Disability to get disability Insurance.