You may have heard of disability income insurance quotes but haven’t understood why all the fuss about them exists. There is also a slight chance that you have never heard of disability income insurance quotes at all.
Whatever the case may be, in this time and circumstances, it’s important, if not essential, to know what disability income insurance quotes are and why you need to find yours today.
In general, disability insurance is designed to cover a portion of your income in case you become unable to work and produce a regular monthly income. The compensation you will receive during the duration of your disability can be used towards anything you need; medical bills, utilities, gas, vacation, hobbies, or school tuition.
Who Can Qualify For Disability Income Insurance?
Basically, anyone is eligible to get a disability income insurance quote. However, the premium increases as you age, making disability insurance more expensive as time goes by.
This brings us to the question “when is the best time to get a disability income insurance quote?” The simple answer is today. Not only does the disability insurance get higher as you age, but the risk as well. Moreover, according to The Social Security Administration (SSA), there is a 20% chance of getting disabled by the time you are 67 years if you’re currently 20 years old, with the risk increasing as the age does.
Is My Emergency Fund Enough?
Most people have an emergency fund they intend on using when something unpredictable happens and their funds are running low. However, most workers report that these funds would last around 3 to 6 months, which is too short for a disability.
According to the Council for Disability Awareness, the average duration of an individual disability is a little under three years, so the emergency fund wouldn’t be enough to cover the financial needs for the injured person. Instead of having to go into debt which is the most common case, disability insurance will provide the person with the funds needed to go through the disability period without a financial burden.
How To Get Disability Insurance Quotes
There are many companies that offer personalized disability income insurance quotes. You also have the option to get a disability income insurance quote online, which is a shorter and simpler process.
Typically, to get disability income insurance quotes, you first need to submit an application. Once that application is processed by an insurance agent from the company and you answer all their questions and queries, you will be approved for disability insurance and given a quote. If that quote is within your budget, you will sign an insurance policy and start paying the premiums as stated in the policy. You will continue paying the premiums all until you want to keep your policy.