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Individual Disability Insurance – Be Prepared

Whether it’s an accident or an illness, all kinds of unexpected events happen every day. These types of things help encourage you to take a good look at individual disability insurance. The first thing to do is to know what this type of insurance really is by doing your research.

The definition of individual disability insurance is when an insurance company has a contract with an insured person with benefits to be paid in the event of illness or accident. This insurance company will provide the policyholder with funds that will help meet the policyholder’s commitments, such as a mortgage or a car payment. Nobody expects a disability to occur, but when the insured does it in these circumstances it will be covered. Individual disability insurance can be a financial buffer to ensure stability during an unstable period of time.

Individual Disability Insurance
Individual Disability Insurance

Individual Disability Insurance

Insurance companies will ask about the state in which the person currently resides when offering coverage. This is important as there are state-to-state factors that determine the type of coverage that can be issued and can prevent the insurance company from offering certain benefits. To receive the necessary income protection, it is recommended that the individual speaks with an authorized insurance agent to receive the best possible policy and premium.

It is also very common for underwriters to know of any pre-existing medical ailments. These medical ailments do not rule out the possibility of receiving a disability insurance quote but may limit the amount that is received in the event of a new illness or injury if it is related to the previous ailment. Make sure to disclose all relevant information when requesting a quote.

Individual seeking coverage

In most cases, the individual seeking coverage is interested in the well-being of their family and is seeking to ensure financial security for loved ones. With more than a quarter of people over the age of twenty who become disabled at some point in their lives, it is important to make sure that all the things the individual has worked for are protected.

The vital question is whether the individual is ready or not for the possibility of long-term disability. In most cases, the answer is no. Requesting a disability insurance quote from an authorized agent today may be the first step in changing the answer to Yes.

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