Disability Insurance: Why You Need It | Outline Financial

1. Disability Insurance: Why You Need It The most valuable asset that you could ever own is not your car, home or retirement amount; it is your ability to make a living. Disability insurance pays a part of the income if you are not able to work for quite a long period owing to an injury or illness. Disability insurance policies vary in terms of how they define the term “disabled”. Some insurance policies pay if you are not able to work a job you are qualified for. Others pay only if you cannot do a job in your line of work. Why does anyone need disability insurance? The likelihood of missing months or even years of work due to an illness or injury might seem remote, particularly if you are healthy and young and you work behind a desk. However, a study shows that one in four people [20-year-old] is likely to face a disability for at least 90 days or even more before they make it 60+.

2. No one would want to think that they would be a victim of disability. One particular reason why people pay no need to the risk is that they think only about the worst-case injury or illness scenarios like spinal cord injuries that lead to quadriplegia or terrible accidents that cause amputation. However, cancer, back injuries, diabetes, heart attacks and several other illnesses are the common factors that bring about most disability claims. How to obtain disability insurance Enrol yourself for employer-sponsored coverage. The majority of employers that provide this insurance pay all or some of the premium costs. Certain employers do not pay for the coverage but provide it as a voluntary advantage. This allows you to purchase coverage via the insurance broker of the employer at a good rate. Outline Financial can assist you in the process of getting disability insurance for your situation. Their experts will help you navigate through your financial requirements with their industry knowledge and expertise.