by Guest » Tue Oct 14, 2008 09:04 am
I'm fearing the possibility of disability during lifetime. I've heard that the chances are pretty high that one may experience disability during his employment years. I've health insurance, but was just wondering whether I should also invest in disability policy or not. Any suggestion would be of great help.
Posted: Tue Oct 14, 2008 09:16 am Post Subject:
Hi coffee, I'd rather suggest that it'd be wise for you to purchase disability protection if you've the family dependent on your income. Disability insurance is also known as the disability income protection insurance since it offers compensation for the loss of income during the period of disability.
Health insurance might cover the medical expenses that may arise during the treatment for the disability, but to cover other household expenses one may need the income protection coverage as well.
Posted: Tue Oct 14, 2008 09:25 am Post Subject:
Coffee&Caramel, well, Quite a mouth watering choice of screen name :)
Coffee, the stats are quire scary regarding the chances of disability. According to the finding of research, one may face higher chances of disability at the young age than chances of death, i.e. at the age bracket of 40 you're three times more vulnerable to disability than death. Hence, I too support the idea that one may obtain the disability coverage for the peace of mind.
Tk cr!!
Posted: Tue Oct 14, 2008 09:30 am Post Subject:
Well, thanks folks for the replies. I gather that it'd be wise to purchase disability coverage in addition to the health insurance. However, can you guys suggest as to where to find the suitable coverage??
Posted: Tue Oct 14, 2008 09:56 am Post Subject:
Hi coffee, there are bunch of insurers who offer disability insurance in the market. You can check with any of these. However, before inquire in the private market, you may wish to check out with your employer.
Employers are required to provide its employees with the short term disability benefits in most of the states. Some big companies also offer long term disability benefits as well. The disability plans offered by the employer are more cost effective than the privately purchased plans. and in many cases the employer shares the cost of premium along with the employees. Hence, individuals normally prefer to apply for the disability plans offered by their employees.
However, the employer's offered disability policy may have limitation in terms of benefits and coverage level. Hence, many also prefer to obtain a private policy along with the Employer-paid disability policy.
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