Understanding Individual Disability Insurance

The insurance sector is one that covers a wide range of coverage, and at times it takes consultation with an independent insurance agent to establish the best-suited cover in your case. Among the most crucial insurance cover for anyone in active employment is individual disability insurance.

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What Is Individual Disability Insurance?

Going through life requires financial security. Like many other people, your job or business forms a more substantial part of your income source. Therefore you must guard your financial source from harm, which can be occasioned by either an accident or the strike of a life-threatening disease. The best way to secure your income is by acquiring individual disability insurance. Individual disability insurance is, therefore, a type of insurance that protects your income.

As the name suggests, an individual disability insurance cover solely belongs to you. Therefore, it falls upon you to ensure that you secure the right protection through the proper channels and under professional guidance. The good news, our insurance agents, are always a call away. Remember that the amount of due diligence you exercise during the pre-contract stage of obtaining your individual disability insurance cover will eventually show.

Benefits of Individual Disability Insurance

  • Supplements income: Not everyone is covered for disabilities by their workers’ compensation cover. Therefore with an individual disability insurance cover, you can still sustain yourself even without income. On the other hand, if you are already covered for any disabilities sustained at your workplace, this type of coverage can help you receive some additional income, allowing you time to focus on what matters, like recovery.
  • Helps sustain personal lifestyle: Employment engagements are diverse. While some people are lucky to work on a contractual basis, others work on a commission basis. Therefore at any given time, if you take your annual leave, sustain an injury or get sick, the insurance cover will act as supplementary income, which will help maintain your lifestyle.
  • Can still be retained even when one changes jobs: An individual disability insurance cover does not cease to cover you when you change jobs. The term individual refers to personal. Therefore if you move from one job to another, your cover will move with you and continue serving you in case of a disability.

What Important Features Should I Include In My Individual Liability Insurance?

Some features in an individual disability insurance cover are meant to make your cover better, while some will have you spending more without realizing the actual value. It takes the help of an experienced independent insurance agent to get you the guidance you need in identifying the features meant to enhance your cover. Here are some beneficial features to include in your cover:

  • Own occupation feature: The occupation feature mandates your insurer to pay your benefits in scenarios where a sustained injury keeps you off your profession. Doctors and other persons on the high-income scope are often advised to ensure they have this feature on their cover.
  • Non-cancelable feature: A non-cancelable feature solidifies your coverage. The insurer can’t cancel any part of the policy for whatever reason unless the cancellation is made with your permission.
  • 90 day elimination period feature: After sustaining a disability, having to wait for 90 days to start receiving your benefits can be stressful. Therefore before you sign the insurance contract, ensure it has an elimination period feature directing the insurance company to pay your benefits within 90 days.

What Other Features Can Enhance Your Individual Disability Insurance?

Among the beneficial features of individual disability insurance are the riders. Riders are optional, but you will realize that some can enhance your cover if you take a moment to access them. Having one of our independent agents on board as your source for an individual disability insurance cover will help you know which riders are the best and why they are the best suited in your scenario.

  • A rider for adjustment of the cost of living: Inflation is one of humanity’s challenges. Suppose you sustain injuries that render you disabled to the extent that you can’t work. With the adjustment of the cost of living, you will receive an increase in your benefits with each passing year.
  • A rider for a future increase on your policy: Life is unpredictable, and your needs today might change tomorrow. Therefore you should take up a rider that allows you to increase your coverage in the future without necessarily having to underwrite for purposes of increasing the coverage.
  • A rider for residual disability: Some disabilities can still allow you to work partially. Therefore, if the injuries sustained can still permit you to take up some light duties at work, you should consider a rider for residual disability.
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What injuries or illness is not covered by individual disability insurance?

Injuries suffered at times might be outside the scope allowed by your insurer. Individual disability insurance will only cover those claims not falling within their exclusion clauses. Here are some of the claims that will be rejected in the first instance by your insurer.

  • Injuries sustained from driving under the influence of alcohol.
  • Injuries willingly inflicted on oneself.
  • Injuries sustained while at war
  • Injuries suffered from engaging in any outlawed acts.

What Is The Cost Of Individual Disability Insurance?

When sourcing for individual disability insurance, you should always think about what it will cost you. Our independent agents are always in touch with various insurance companies; therefore, you can always get a quotation best suited for your situation through their help. Here are factors that often determine the cost of individual disability insurance:

  • State: Often affects the rates which have to be in adherence to the regulations
  • Amount of income
  • Age
  • Job obligations: The more engaging your job is, the higher the risk. An engineer consistently at a construction site stands more risk than someone who works indoors in an office.

Need to talk to an agent? Contact one of our independent agents today and let us help you secure the future of your income.