Disability insurance companies
Disability insurance companies are often general insurance companies, that is, they also sell medical coverage, auto policies, and home insurance. If you look at the types of coverage for disability insurance, you will find many common terms and benefits. Scrutinize the variations carefully, for they might mean the difference between a good policy you can afford and an inadequate policy that is still too expensive. Insurance companies are online, and many have detailed, informative Web sites that will educate you with accurate material. Income protection insurance may be a necessity in today's precarious world, but you can still do comparison-shopping to get the best for less. With the variety of plans available, you have excellent options from which to choose the right policy for you.
Exclusions on Disability Insurance
All disability insurance companies have exclusions, or situations that will make you ineligible for coverage. If you are required to carry a weapon in your job, you may not sign up for insurance. Being unemployed will also disqualify you. If you are pregnant, or soon will be, you are ineligible for disability plans. Obviously, if you are currently dealing with a medical condition, you cannot qualify for insurance because you are already disabled, to one degree or another. The two major requirements for disability insurance are good health and good income. Since this insurance is designed to replace lost income, it stands to reason you must be employed, have a steady income, and make a reasonable salary.
A disability insurance company can be found by going online, looking in the yellow pages of your phone book, and reading advertisements in your local newspaper. If you already have auto insurance, health insurance, or home insurance with an insurance company you like and trust, so much the better. Just be sure the agents of the company have a good knowledge of the specialized field of income protection insurance. When it comes to replacing a percentage of your income in case you are disabled, expertise is required to get you the best coverage for the lowest cost. What you don't want is any old policy that requires you to be hospitalized before any benefits are paid out! You want the most favorable, generous benefits paid out under the most favorable definition of "disability.
How Much Disability Is Enough?
Unless you do your own research online by going into the Web site of each major disability insurance carrier, you'll need the expert guidance of a knowledgeable disability insurance agent. Policies must be read and re-read carefully if you are a layperson. Some policies, for instance, only pay benefits if you cannot work at all, which are total disability. The best definition of disability for you, the worker, is one that pays if you can't work at your "own occupation." This means you can work at something else and still receive payments. There is total and permanent disability; total disability that is not permanent but prevents you from working at any job; total disability, not permanent, that could force you out of your occupation and into another line of work.