Similar Videos
|
|
|
Insurance, as we all know is a form of risk management primarily used to hedge against the risk
of potential financial loss. Insurance is defined as the equitable transfer of the risk of a
potential loss, from one entity to another, in exchange for a premium and duty of care.
When we think of taking insurance what immediately strikes our mind are the life insurances.
Families often consider life insurance as necessary as a sound roof when it comes to protecting
them from the harsh winds of fate, especially when children are small.Primary bread earners want
assurance that even if worst things happen,the house will be paid for and the youngsters can continue
to go to college.But there are many worst things which can happen within one's life period
like a disability that could knock the family provider out of the workplace.While industry
studies show that workers are three to five times more likely to be disabled than die early,
disability insurance is often neglected.What is the point of having a life insurance if you are disabled?
While premature death tends to have a bigger emotional impact,disability can be equally,if not more,
devastating to a family's financial stability.Disability can be long term or short term and can be
broken down into a number of broad sub categories.
The often heard "It won't happen to me" has become a joke as daily someone or the other living in this
world is diagnosed with some kind of a disease or other.For example Diabetics is one such kind of a disease
that is common among youngsters today.Shocking to hear!!! But true facts are sometimes difficult to accept.With such a
situation in hand, there is a high demand not only for life insurances but also disability insurances.
Disability insurances are of two types;
Based on the type of disability, there are various different policies to suit you need and requirement.
period of no longer than two years.
with a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
1.Noncancelable means the policy cannot be canceled by the insurance company,except for nonpayment
of premiums. This gives you the right to renew the policy every year without an increase in the
premium or a reduction in benefits.
2.Guaranteed renewable gives you the right to renew the policy with the same benefits and not have
the policy canceled by the company. However, your insurer has the right to increase your premiums
as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies,there are several options you should consider when purchasing a policy:
Your insurance company gives you the right to buy additional insurance at a later time.
The amount of benefits you receive from your insurance company is dependent on other benefits
you receive because of your disability. Your policy specifies a target amount you will receive
from all the policies combined, so this policy will make up the difference not paid by other policies.
The COLA increases your disability benefits over time based on the increased cost of living
measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
This provision allows you to return to work part-time, collect part of your salary and receive a
partial disability payment if you are still partially disabled.
This provision requires the insurance company to refund part of your premium if no claims
are made for a specific period of time declared in the policy.
This clause means that you do not have to pay premiums on the policy after you're disabled for 90 days.
If you decide to buy a private disability insurance policy,remember that policies are legal contracts.
Read and compare the policies and understand the provisions before you sign.
In comparing policies, you might want to consider:
There are many disability insurance companies and agents all around the world to offer their services.
Based on one's necessities, he or she can choose the best disability insurance to suit their needs.
Sam Rosy is an expert in analyzing the insurance types especially in California and has produced
lot of articles regarding the insurance types and its application.Read Rosy's articles,
and for further more details regarding the insurances and quotes view the site .
Next Paragraph..
EditorialToday Natural Beauty has 3 sub sections. Such as Acne & Skin, Women and Beauty and Beauty Tips. With over 20,000 authors and writers, we are a well known online resource and editorial services site in United Kingdom, Canada & America . Here, we cover all the major topics from self help guide to A Guide to Business, Guide to Finance, Ideas for Marketing, Legal Guide, Lettre De Motivation, Guide to Insurance, Guide to Health, Guide to Medical, Military Service, Guide to Women, Pet Guide, Politics and Policy , Guide to Technology, The Travel Guide, Information on Cars, Entertainment Guide, Family Guide to, Hobbies and Interests, Quality Home Improvement, Arts & Humanities and many more.