Disability Insurance

Purchasing Disability Insurance

When considering purchasing a disability insurance policy, there are a few important factors to keep in mind in order to make a sound investment option. The first step is deciding between short or long term disability insurance. Under short term policies, if you are injured on the job, then your insurance carrier will pay you for a certain amount of time while you receive treatment. Under a long term disability policy, your insurance carrier will provide you compensation indefinitely—meaning that you do not plan to return to work due to your disability.

1. The most important question to keep in mind is: Does my job pose any physical risk to me?Occupations that are labor intensive or pose high levels of risk include construction, and carpentry. If you answered yes, to this question, then it is important to assess your safety and security and consider purchasing a disability insurance policy.

2. Another important question to ask yourself is: Do I have any immediate family members, children, or a spouse that would be directly effected by my well-being? Not being able to work due to an injury or disability can have many negative consequences financially: such as not being able to pay credit bills on time, managing mortgage payments, or car payments. By purchasing a disability policy, you can have peace of mind knowing that if you are injured on the job or became disabled your family will be taken care of financially.

3. It's also very important important to review your family medical history. If arthritis, heart disease, or other issues are common in your family, you may want to take these factors into consideration as they may impede your ability to work in the future. By purchasing a disability insurance policy, you can take preventative measures, ensuring the financial welfare of your loved ones.

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