Disability Insurance
Accidents happen. This is a reality that we face everyday and we can only cross our fingers that we don’t cross its path. For those who did survive, they are fortunate enough to have a few scars left. In most cases, however, accidents can cause a long-term disability, which means unnecessary worries on top of the piling bills if one doesn’t have an accident disability insurance.
The last thing you need to worry about is expenses when it comes to recovery from personal accidents. An accident disability insurance can protect you financially when there’s an unexpected injury or death in your family due to a sickness or an accident. Most of these accident disability insurance policies cover a certain amount of time, from the moment you sign up to the age that you retire. The shorter your accident disability insurance coverage is, the more expensive the cost of getting one is. The most costly are those that will give you financial benefits during recovery from an accident, when you cannot perform normal functions that allow you to work and earn a living.
Who Needs an Accident Disability Insurance?
It is only logical that everyone of us needs an accident disability insurance since we are just humans who are prone to accidents and diseases at any given time. Even if we do our very best to protect ourselves from the outside world, you can always fall victim to someone’s carelessness and neglect. Here are some questions you need to ask yourself before choosing to sign up for an accident disability insurance:
1. Do you have a serious medical condition? There are policies that disqualifies people from getting a disability insurance due to pre-existing, serious medical conditions.
2. Do you worry about your family’s protection? Insuring everyone in the family will help you avoid unexpected costs brought about by unfortunate events.
3. Are you in a high-risk work? A personal accident disability insurance covers all who are working. Some policies discriminate against those in very dangerous professions.
4. Are you over 65 years old? There are policies that can qualify seniors up to age eighty for an accident disability insurance coverage.
5. Do you feel that your company’s disability protection is not enough? Check your employer’s insurance coverage to see what’s amiss and get yourself an added protection with a personal accident disability insurance plan that will maximize your benefits, 24 by 7.
6. Do you feel secured in your current work? The financial crises have put many out of work and if you’re income is still the same from last year, it is wise to save up for an accident disability insurance which can help you cope better with sudden unemployment.
Limitations to Collecting Disability
There are limitations or exclusions on each accident disability insurance policy and it can vary from state to state. These exclusions are general, which can apply to almost all policies, like preexisting conditions, suicide, insanity, intentional or self-inflicted injuries, wars, abortion, pregnancy, childbirth, and when the insured is sentenced to prison.
Stricter rules have been made against people claiming payments for their disabilities and for this, it is very crucial that you read the fine print before you sign up your hard-earned cash for something that will not give you the maximum benefits out of your plan. Group insurance policies in a company cost cheaper, but you can lose your policy when you change jobs. Although it is important to consider an accident disability insurance a necessity, don’t rush and take your time in searching for the plan that will give you the most protection out of your investment.
RESOURCES:
Rodriguez, Roland. “ Disability ( Accident & Health ) Insurance Basics. “ July 2009. Docstoc.com.
http://www.docstoc.com/docs/8487579/Disability-%28Accident-and-Health%29-Insurance-Basics
Combs, Sean. “ Personal Accident Disability Insurance. “ January 2009. Docstoc.com.
http://www.docstoc.com/docs/3838784/Personal-Accident-Disability-Insurance-Is-the-answer-when-your-Client
Andrews, Tristan. “ Disability Insurance – General Knowledge. “ May 2009.
http://www.disabled-world.com/disability/insurance/disability-insurance-payments.php
Thrivent Financial. “ Disability Income Insurance Benefits. “ September 2008.
https://www.thrivent.com/insurance/disability/benefits.html
