Do You Need Disability Insurance?

With there being so many costs involved in having a normal lifestyle, it is important to pick and choose carefully any additional expenses that you may want to take on. Many individuals are now taking a close look at disability insurance as a form of extra financial protection. The question comes down to as to whether you really need this type of insurance and whether it is worth the extra expense? The answer to this is usually yes: it is an investment well worth making.

There is never any way of knowing when an individual could become disabled – either through the work environment or the personal environment – either way, these can affect their income. If it is a short-term disability this can have a much smaller impact in comparison to a long-term disability, of course.

When seeking out this type of insurance it is important to look at both of the offerings – short-term and long-term – and what the criteria is for being able to make a claim. This is the type of insurance that has to be studied and scrutinized carefully as often there are a lot of exclusion clauses that are put into it that tend to be overlooked. This can be devastating when the individual needs to rely on this type of insurance only to learn that their particular circumstance is not being covered. Also, what has to be checked is the duration for the claim in regards to how long it will be in place for and how much coverage is actually being provided.

For those who have disability insurance on occasion, they should check their policy to make sure it is still adequate for their current financial situation. It may be that an individual has incurred more long term expenses, and their disability coverage is not going to provide enough income to make ends meet.