For the majority of us, our main source of income is from work. As such, if we are not able to perform our work due to any mishaps such as medical reasons or injuries, this can be financially devastating. Now some of you may think that since they have bought some form of insurance, the insurance company should be able to cover this. However, if you have only bought life or term insurance, you must satisfy the criteria of total and permanent disability which I have covered in an earlier post here before the insurance company will make any payout and this criteria can be very difficult to be satisfied. So what happens if you are injured and you are unable to work ? Are there any insurance plans out there in the market that can cover this gap and provide you with income for the period which you are not able to work ?The answer is disability income insurance. Currently, only Aviva and Great Eastern have disability income plans and they are known as IdealIncome under Aviva and Paysecure under Great Eastern. Typically, these plans insure 75% of your current income. In the event that your employment income is terminated if you are unable to work due to any injuries or sickness, these plans will kick in to replace 75% of your income after a period of time following the start of any disability. This compensation from the insurance company can be continued up to your retirement age depending on the type of plan that you have bought. Furthermore, if you are unable to achieve your previous income being drawn from your work prior to disability, these plans will also supplement your income after your disability if you managed to find employment.
As such, if you are dependent on your employment income, it will be prudent to take up this type of insurance policy. In my opinion, this is the most important insurance policy one should have besides your medical plan. There are minor differences between the two plans offered by the two different insurers so it will be good to seek the advice of a qualifed financial adviser, who can advise you on which plan to choose.
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I really appreciate your post and you explain each and every point very well.Thanks for sharing this information.And I’ll love to read your next post too.
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Having disability income insurance is certainly important these days. You may resent having to pay a monthly premium but at least you can be sure that your financial security won't be compromised if you do lose your ability to earn income as a result of an injury or illness.
ReplyDeleteHey, very nice site. I came across this on Google, and I am stoked that I did. I will definitely be coming back here more often. Wish I could add to the conversation and bring a bit more to the table, but am just taking in as much info as I can at the moment. Thanks for sharing.
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Wow, what a great site, all of the posts are so informative for people with disabilities. I liked it! I also have a blog/site about that covers wheelchair related stuff. Please feel free to visit. Thanks for sharing.
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