Health

Who Needs Disability Insurance?

Disability in general is the inability to work and perform daily simple basic activities in life. Disability can be by birth or during pregnancy and also can be because of injury, accident or due to any medical disease.

The requirement to have a disability insurance these days have become of paramount importance as in this present commercial and materialistic world you need to have some insurance to back your financial needs in case if you get disabled.

Who actually needs a disability insurance?

  • If you are the sole breadwinner of your family than you certainly need disability insurance because in absence of job or income sources you won’t be able to meet the financial obligations of your family.
  • Disability insurance can replace your income if you are unable to work due to illnesses, injury or accident.
  • As most disabilities are not from on the job injuries but are from out of the job illnesses or injuries that cause disability.
  • If you are involved in a high risk profession like mining, driving etc. than considering the risk factors involved in your profession you should definitely opt for enrolling in disability insurance.
  •  Highly skilled professions and high paid professions are also in a risk prone category because if they loose their job all because of disability than it would be difficult for them to replace their profession or highly paid job.
  • Self employed individuals- as they don’t have a fixed income so in case they go through disability they won’t be having enough savings to meet their financial needs and expenses. So the insurance benefits will provide you a consistent income and will also help cover ongoing business expenses.
  • For those also who are looking forward to have a smart investment strategy the best advise would be to invest money on securing your own future from any financial vulnerabilities by enrolling into disability insurance policy.
  • If you are involved in a physically demanding roles which requires a lot of physical labor like construction worker, nurse or medical practitioner. If you are suddenly not able to fulfill your professional requirements due to disability than from the very moment your insurance coverage will fulfill its responsibilities and you don’t have to dip into your savings to pay your bills and monthly expenses when you are laid up.
  • Those who are already suffering from disability causing diseases and often move in and out of disability should definitely get an insurance policy so that you don’t have to depend upon anyone to meet your financial requirements.

Disability can be caused to anyone from child to an adult. But more particularly individuals who are already making their own income should have a disability insurance that can back your financial resource even after falling into disability. Disability can have a long term negative implications on your life if you don’t strategies it well. Statistically speaking one out of four individuals will get disabled before they reach their retirement age. Only one solution to all disability related problems is to have a disability insurance policy.

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