Insurance for Everyday Living: Disability Insurance

September 4, 2007

If you don’t like insurance, just take it as if you would take bitter tasting medicine, you may not like taking it but it is good for you.The essential insurances to consider are health insurance, disability insurance, life insurance, auto insurance, and homeowner/renters insurance. Today, we cover disability insurance.

What is it
Disability insurance pays part of an insured person’s income during the period of a disability due to an illness or accident.

The choices
Types of disability insurance contracts:

  • insurance company, excluding failure to pay your premiums. Hence, you are able to annually renew your policy without loss of benefits or increase in premiums. Best option.
  • policies - : your rates can go up or your coverage canceled as the insurer sees fit. This is the least palatable option
  • risk of future claims.

Which choice works for me
  • Also, the disability income you receive from an independent DI policy is tax-free.

How it can help you
  • Not having disability insurance can be of extreme detriment to your finances, an unneeded burden on top of your disability.

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