August 21, 2008
Disability Insurance for the Long Term
By NMFS in Health | 0 comments
Experts agree that during your working life, the odds of becoming disabled are higher than your chances of dying. It is for that reason that long term disability insurance should be an important part of financial planning for most people. The idea behind disability coverage is simple – to provide an income in the event that you’re unable to work. The point of specifying a policy for long-term disability is to cover yourself, and your loved ones, for illness or injury that may keep you from working for years.
All disability insurance companies are different, but the core of the service provided is generally the same. Typical policies are available starting with just two years of cover, and running out to “until age 65” or even covering you for life. Physician disability insurance policies, specifying coverage in the event of a disability preventing you from performing your specific profession, are highly recommended as these provide the most beneficial disability coverage.
When considering your disability insurance quotes, be sure to evaluate the percentage of your salary that will be covered. Many long-term disability policies issued as part of group disability coverage offer minimal coverage that will need supplementing with an additional disability insurance policy.
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