Critical in Your Younger Years of Working
Disability Insurance is critical in your younger years of working. Your income is by far your most valuable asset. If you lost your income for 6 months or longer what would you do to support your family? Disability Insurance or DI coverage pays a tax free benefit to you due to an accident or sickness that keeps you from working. We all require income to pay our bills but a well designed disability policy can take the place of your income for the rest of your working years. Many plans pay benefits until the age of 65. It is important to buy a DI contract with a liberal definition of disability as this can be a grey area at claim time. When it comes to the determination of alive or dead then there is no grey area for life insurance, but with disability insurance, it all depends on whether the insurance company considers you disabled. You might be disabled from doing your job as a salesman but you might have the ability to be a telemarketer and therefore some DI plans would not pay benefits because you can work.
"It is important to buy a DI contract with a liberal definition of
disability as this can be a grey area at claim time."
You want to buy a DI plan that pays benefits if you cannot do the material duties of your current occupation. Own occupation coverage is most important. You also want a provision for partial disability in case you are injured or sick and can work part time but not full time. There are many other benefits and riders such as cost of living riders, etc. that can be added to these policies but having a quality definition of disability should be your main concern.
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