The risk of disability is much higher than the risk of premature
death. Individuals in the age group of thirty and above are at 52% higher risk of being disabled for ninety days or more before they reach the age of sixty – five . Statisti
cs show that if a person is disabled for ninety days than it is likely that he will remain disabled for three or more years. In such cases what is a person supposed to do if he becomes disabled? Subsequently it would be a wise decision to apply for a disability insurance . Before coming to a conclusion of buying a disability insurance one should keep in mind that it should be a renewable , non-cancellable policy. This is a safe bet as the policy cannot be cancelled and the policy is renewed without any medical examination and the premiums will remain fixed for that period of contract .
There are wide range of options while purchasing a disability insurance :-
- A COLA i.e. cost of living allowance in which you can protect the value of benefits in the inflation period .
- A waiver –of – premium means you do not have to pay the premiums while you are disabled .
- A premium refund policy in which you can get back all the premiums paid if you do not make a claim at all .
- A future – earnings option in which you can increase the value of your coverage by increasing your premiums as your earnings increase .
Note :- Your eligibility for disability insurance and the cost of your p
remiums depend upon various factors such as your health condition , your earnings , your occupation and the type of coverage you aspire to purchase .
Apply online to get instant quotes on disability insurance .