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Disability Income Insurance Can Meet All Your Financial Needs
By: Ivon T. Hughes
Disability income insurance can cover you in the event of a severe accident or
illness but, it really depends on how much disability income insurance you
purchase as to whether or not it will be able to meet all of your financial
needs. The greatest number of families have no form of disability income
insurance.
Short term disability income insurance covers the first few months you are
disabled and the benefits of short-term disability income insurance, are many .
Short term disability income insurance is a temporary relief though. If your
condition prevents you from working for more than the covered period, then you
will need to rely on long term disability income insurance.
Disability insurance can be purchased up to a certain percentage of your income
and is tax free if you pay for it yourself.
Disability insurance does not mean you have to take the maximum but you would be
wise to take sufficient to cover your monthly bills, even if you give up
covering some items.
Disability insurance is sometimes hard to think about. Some people believe that
if they make a Will that it will bring them faster to their Maker. Ditto for
disability; take a policy and get disabled. But of course it doesn't work that
way.
And the worst thing to do is to consider taking a policy and then becoming
disabled before getting a policy in force. Disability insurance quotes will give
you firm premium figures for various amounts of income and then you can make up
your mind what to do. Even if you take a disability insurance policy with the
longest waiting period, it will start paying when you , really, really need it.
Disability insurance cost should be considered as a percentage of your income.
If you earn $60,000 a year is 2% or 3% of that too high a cost to ensure that
your net income will continue? Only you can answer that after you have obtained
a written disability insurance quote based on your income.
About the Author:
Ivon T. Hughes, The Hughes Trustco Group Ltd. Online Insurance Broker - Get a
FREE Quote TODAY! Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.hughestrustco.com
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