Last Updated on February 20, 2023 by admin
No one knows what the future has to behold for you. Disability is the unknown devil that can impact your finances and halt your future growth and capabilities, especially long term disability. If you are also worried about the future uncertainties then here we have top tips for you to get long term disability insurance.
- Income substitution policy:- Do you have an income backing source even after getting a disability? A long-term disability insurance policy strives to provide a balanced financial life by backing your lost income through insurance plans.
- Read insurance policy carefully:- prerequisite of getting enrolled in an insurance policy is to read all the plans & terms and conditions of the policy carefully so that the best plan can accordingly be chosen.
- Know the rates before getting an insurance policy:- knowing the requirements of yourself, the rate and the profit they will get through the insurance policy, and why you need a specific insurance plan. With this being informed policyholders is of utmost importance.
- Yes you do need long term disability insurance even if you’re healthy and young :- According to an estimate one out of four in today’s 20 years old is likely to become disable before reaching the age of 60-65 . It is better to have an insurance policy when you are healthy and young because it’s easier, less expensive, and will get a high premium.
- People depend on your income:- If you and your family depend on your income alone and don’t have a backup source of income then you should definitely get an insurance policy so that you can protect your family going through the tough times of financial insecurity or even going into indebtedness or falling into the vicious cycle of the debt trap.
- Know the proneness of you getting a disability:- there are many high-risk jobs like drivers, machine operators, factory and mining workers, etc. Such jobs can anytime land you in a disability position. So the only way forward for a stable financial future is to have a long term disability insurance policy which will ultimately support you in the long term.
Methods of getting long term disability insurance:-
Ideally, there are two ways to get disability insurance – 1) Insurance sponsored by employer .2) Individual disability plan that is purchased by oneself.
Almost all disabilities are covered in long term disability insurance policy like musculoskeletal disorders, nervous system disorders, cancer, disability caused due to accident or injury etc.
Coverage in long term disability insurance:-
Most fraction of your lost income is covered in the insurance policy that’s why it is also called an income substitution policy.
How to claim your insurance:-
For any type of disability, evidence is required to be produced in the form of medical evidence, all the genuine medical records are to be presented before the competent authority while applying for claiming the long-term disability insurance. Ultimately the doctor’s statement will be used to decide the validity of the disability.