Why Is Disability Insurance So Important?
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Wednesday, January 2, 2019

People often ask why they need to apply for disability insurance when they already have life insurance. But as it turns out, disability insurance and life insurance are two completely different things. In fact, a good disability insurance policy will give you the required peace of mind that you deserve.

Before we discuss the benefits of disability insurance, it’s important that you know what it’s about. Disability insurance helps you when you’ve incurred an injury or have fallen ill and cannot continue to work. This type of insurance policy will normally pay you 50 to 60 percent of your normal income.

Here are the benefits of disability insurance:

1 - Pays You When You Need Money the Most

The biggest advantage of disability insurance is that it pays you money when you need it the most. When you’re injured and cannot work, you’ll still need money to bear the expenses of your home. This is something you don’t get with life insurance. With life insurance, the event that triggers the payout is not an injury, but instead death.

2 - Comes in Handy in Difficult Times

The benefits paid by disability insurance aren’t for a lifetime, as it happens with a life insurance policy. Here, the payout is made so you can recover from an illness or injury that has made you unable to continue working for the time being.

3 - Helps You Recover Fast

Without disability insurance, your recovery will be difficult and stressful. During this time when you won’t be able to work, you’ll have to arrange for the funds to run your family and bear the expenses that won’t stop because you got injured. With disability insurance, you don’t have to worry about how your daily expenses will be paid.

4 - Tax Free Benefits

No tax is imposed on the payout of your disability insurance policy. You get the whole payout without any tax deductions as long as you’ve paid your premiums. This way, you will have every penny that you’ve paid, available for your use when you need it.

5 - It’s a Transferable Policy

Disability insurance is a transferable insurance policy if you end up switching jobs. Also, switching jobs won’t result in you having to pay higher premiums. This option is great for entrepreneurs who always find themselves at the helm of new ventures. They don’t have to fuss over losing their disability insurance if they change their occupation.

If you’re looking for a reliable disability insurance provider, get in touch with Income Protection Resource Group and request further details today.

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