Disability Insurance

Disability Insurance cont....

There are a few ways of reducing the cost of your disability insurance with the main ones being selecting a longer period of time (waiting period) following an accident or illness before the disability insurance kicks in and opting for a shorter period of cover (although you would have to bear in mind that once your period of benefit ceased you would have to be able to support yourself).

It is interesting to note that the risk of disability is higher than the risk of dying at an early age and yet most people would consider life insurance when little thought is given to the need for disability insurance.

Admittedly, with all these little insurances that everyone needs mounting up to a lot of cost on an annual basis the thought of yet another insurance can prove daunting and, it has to be said, non of us like to believe that disability is something we would have to contemplate. However, for those with little in the way of accessible financial assets and those who have a family to support is it really worth the risk of not having disability insurance?

Author: Terry Ross

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