Why Disability Insurance Should be Part of Your Life Insurance Policy

>> Friday, September 21, 2012

People understand that they have a chance of passing away prematurely, and they know that they need to prepare for this possibility with a life insurance policy. What people often neglect is the fact that they can suffer an injury or contract an illness that will require them to be out of work for a significant period of time. People can plan for this possibility as well with disability insurance.

What Qualifies as a Disability?

When people think of disability, they often think of paraplegics, or they think of someone with a learning disability. This type of disability is not necessarily what is referred to when disability insurance is the topic of discussion. A disability is considered to be an injury or an illness that keeps people from working for a significant period of time.

Does the Life Insurance Policy Pay When People Become Disabled?

After a death, the life insurance policy will pay the beneficiaries their death benefits, and the family can continue to pay its bills. If people are injured or they are too sick to work, their life insurance policies will not apply. They will still need to pay their mortgages or rent and pay for groceries, clothing and utilities, but they cannot obtain money for these expenses from a regular life insurance policy. These expenses require a different type of insurance.

What Is Disability Insurance?

Total and Permanent Disablement Insurance offers policyholders a portion of their income if they are ever injured to the degree that they can no longer perform their work duties. Workers can suffer from a psychological issue, a physical injury, a serious illness or a condition that prevents them from doing their jobs as they had before the condition began. The importance of this type of insurance can be underscored in the statistic that states that someone suffers a disability in the United States every second.

Who Needs Disability Insurance?

Just about everyone who is currently working to pay personal debts and to support themselves and other people needs to consider adding disability insurance to their life insurance policies. Research has found that one third of all women and 25 percent of men will suffer a disability that will keep them from being able to work for at least three months during their working years. Furthermore, one in seven people in America can expect to be classified as disabled and unable to work for five years or even longer before they reach age 65. Those who have children and those who do not and those who are married and those who are not could benefit greatly from a disability insurance policy. After an injury or an illness, people often need time to adjust and learn how to live with the disability, or they need time to recover from the illness. They may need to make modifications to their houses and cars, and they will have expensive medical bills to pay. All of these reasons make disability insurance a great thing to add to a life insurance policy.


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