Disability Insurance - Why Young And Healthy People Need It
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Disability Insurance: Why Young and Healthy People Need It
Accidents and unforeseen events can happen to anyone, regardless of age or health. These incidents might result in prolonged hospital stays or months of rehabilitation. In some cases, they can lead to permanent injuries, preventing you from working or leaving the hospital.
While health insurance covers medical expenses, it won't help you meet your mortgage payments or handle household expenses. This is where disability insurance becomes essential.
Why Disability Insurance?
Disability insurance provides financial support when an illness or injury keeps you from earning a living. It's crucial for maintaining your income, regardless of your age.
What Does Disability Insurance Offer?
Though some employers provide short-term disability coverage, long-term disability insurance is less common, especially without a union contract. Without personal disability insurance, you might end up relying on your savings if you don't recover quickly.
To safeguard your earnings, consider securing your own disability insurance policy.
Determining the Right Amount
You won't be insured for your full income, as disability payments are typically non-taxable. If you have employer group disability insurance, be aware of potential caps on your benefits.
Additional Benefits of Disability Insurance
- Escalator Rider: Annually increases your income amount.
- Return-To-Work Provision: Offers a portion of your disability income if you can work part-time.
There are various other riders you can add, although they may raise the premium. It's important to note that employer group disability insurance isn't portable, making a personal policy a more flexible and reliable option.
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