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Disability Insurance: How To Choose The Best Policy
Disability Insurance is a simple insurance cover that makes sure that when you are unable to work due to disability you are not affected by huge financial losses. There are a number of companies offering these insurance cover. It is, thus, pertinent that you shop around a little and find if you are getting the best deal, which means best coverage for as little as possible. Broadly, there are two kinds of disabilty insurance- short term and long term. In case of short term disability insurance the benefit does not stretch beyond a term of two year while a long term policy can be extended up to one's entire lifetime. Taking insurance policy is a serious decision because in the time of hardship it can be a dependable helping hand, but if you chose the wrong one it may indeed add to your miseries.
Hence, take every possible care and ensure that when you sign the papers you are very well aware of its implications to last detail. Do not consider one or a few benefits, but the whole of it in totality. Remember, your policy can be canceled only by you and not by the insurance provider except when you default on premiums. Not only that, the insurance providers cannot even increase your premium unless you have specifically agreed to it. How much it costs you depends upon a number of factors including age, employment and hobbies.
The premiums vary in accordance with the risk of disability involved. The higher the risk, the heftier the premium. What is quite interesting is that the risks of dying are much lower than the risk of disability, but people still go for life insurance instead of a disability insurance without giving much thought to it. Agreed that the burden of the cost of living when you have a number of insurance premiums to fill is quite heavy, but if you have a family to support it is really worthwhile to contemplate a disability insurance for unforeseeable mishaps. After all, who can claim to have seen tomorrow, and if no one has, the best option is to weave a security net around your loved ones so that in case you fall, at least they manage to weather the storm.
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