Monday, August 2, 2010

Disability Life Insurance

Most families don’t have enough disability life insurance. If you are one of those families, chances are you don’t have it because it is too expensive. Sometimes you don’t have the time to apply for one. You keep putting it off to tomorrow.

Well, if you find the right insurance company to provide you with what you need, you will have your disability life insurance in no time. You will have the insurance protection that you and your family deserve.

Have you ever thought of this happening? What if your last payday was your actual last payday? What will you do for money? How would you pay daily expenses like electricity, mortgage, food, car, and other expenses if there is not money coming in?

If you don’t have a paycheck for the next 3 months, can you see yourself surviving?

A number of Singaporeans know the need for health insurance, life insurance, car insurance, and home insurance. Nonetheless, they still think about insuring their ability when it comes to their work.

They understand that it is very important to acknowledge the fact that they should have insurance on their income or what is also known as disability life insurance, just in case they get to the point when they can no longer work for a period of time.

Here’s an example of disability life insurance. Imagine that there is a person who is earning $3000/mth. If he works for 30 years, he will have $1.08 million. This does not include the annual bonuses as well as pay increment. It is only practical that the individual files for some kind of disability life insurance.

The thought of becoming disabled may not enter a person’s thoughts but there is a possibility of that happening so it pays to be prepared when it does happen. With disability life insurance, one can keep a steady income from flowing in.

Although disability life insurance covers us and our loved ones during good and bad times, it can be a very dry subject. Following is a quick list to make understanding disability life insurance easier.

Tip #1
Buy only what you need: Make sure you have enough coverage if you ever have to make a claim. And be sure to keep policies up to date with any salary increases you get.

Compare Apples with Apples: When comparing disability life insurance policies, be careful as they have different definitions of disability for each illness. Make sure you specify the same amount of coverage for both so you can make a level comparison.

Buying Disability Life Insurance Makes Sense

Financial planning is necessary to make sure you have enough life insurance and disability life insurance to protect your income. It may not be a topic that everyone finds interesting, but if an emergency arises, you will be glad you took the time to get some good disability life insurance.

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