Personal Disability insurance is very important to help us maintain a proper standard of life. There are so many insurance plans in the world but not all of them are so helpful as this one. The problem with all those insurance policies is they don’t care much about your income.

In fact, if you have a health insurance plan and fail to pay the premium, it is very hard for you to get the benefits.

And there might be situations in your life that may disable you from earning. In that case, you will miss out on several safety measures that you took to protect yourself and your family. But personal disability insurance will help you in such hard times. In this article, we are going to throw some light on this topic.

The personal disability insurance in brief

There are several things that you need to know before you choose insurance of this type. But first, we will discuss the basics involved in this process. Let us talk a bit about the definition and working of these insurance plans.

Basically, personal disability insurance provides you financial help when your injury makes you unable to perform your regular job. If you lose your job either temporarily or permanently as a result of some accident, personal disability insurance will cover your expenses of normal life.

Why do you need it?

Life is full of uncertainties. There are several moments when innocent people become victims of the faults of others. As everyone is prone to such situations, it is our responsibility to be prepared for that. Our preparation will help us be on track even if something bad like that happens to us.

The life of your loved ones should go on at the usual pace even if you are not earning. But you won’t be able to maintain that flow if you don’t have a plan for it. Opting for personal disability insurance will help you a lot in this case. As it gives you some percentage of your monthly income, you will be able to manage the expenses like paying your rent, the school fees of your kids, etc. This stability will enable your family to find some other ways of earning.

Things to consider while buying an insurance plan of this category

Now that you are aware of the fundamentals and needs of personal disability insurance, you might think of getting a plan like this. To ensure that you get the right plan, we are giving you an outline of the essential things that you should consider before you make the final decision. Let us take a look at it.

Own occupation

This is a very important feature. When your own occupation is protected by the insurance policy, you will get some amount of money if you are unable to do your own job. Though there are very few insurance policies available in this category but when you get one, it will be really important in case you become partially unable to work.

The waiting period

The waiting period is the duration of time up to which you have to wait until you start getting benefits from the insurance companies. There are two types of insurance policies i.e. short-term disability insurance and long-term disability insurance. The waiting period is small in the case of short-term disability insurance. In this case, the waiting period lies between 1-14 days. In this case, you will get the benefits for up to 2 years.

When you get long-term disability insurance, the waiting period is quite long. It may last for months. But the benefits that you get here may last until the end of your life based on the severity of your disability.

While buying insurance plans, people generally opt for one that may last for the longest duration of time.