Disability Insurance
Secure your income during unexpected health challenges and provide peace of mind for you and your loved ones.
What is Disability Insurance?
Disability insurance, often known as DI or disability income insurance, is a vital financial protection tool. It acts as a safety net for individuals, ensuring that they receive a portion of their income if they become unable to work due to a disability, illness, or injury. This coverage is designed to replace lost income during periods of disability and helps maintain financial stability when you need it most.
How Does It Work?
Coverage and Premiums
Disability insurance is a policy that provides financial protection in case you become disabled and cannot work. You pay regular premiums to the insurance company based on factors like age, occupation, and desired coverage. The coverage defines the benefit amount, waiting period, and benefit period.
Disability Definitions
Policies define disability in different ways: "own-occupation" or "any-occupation." "Own-occupation" is more flexible, while "any-occupation" is more restrictive. Understand the specific definition in your policy to know when you qualify for benefits.
Claim Process and Benefits
When disabled, you can file a claim after the waiting period. If your claim is approved, the insurance company makes regular benefit payments, usually on a monthly basis. Benefits help replace a portion of your lost income during the disability.
What It Provides
Income Protection
Your ability to earn an income is your most significant financial asset. Disability insurance ensures that you can maintain your financial obligations even when you can't work.
Support for Loved Ones
If you provide for your family, disability insurance ensures they remain financially secure during your recovery period, alleviating their financial burden.
Risk Mitigation
Disability is more common than you might think. Without insurance, you risk depleting your savings, accumulating debt, or facing financial hardship if a disability strikes.
Long-Term Financial Goals
It helps you maintain your long-term financial goals, such as retirement savings and educational plans, without interruption.
FAQs
Questions to Ask an Agent About Disability Insurance
Ensure you understand the specific disabilities covered by the policy and any exclusions.
Different policies have varying definitions of disability. Clarify how the policy defines disability and how it might affect your eligibility for benefits.
The waiting period is the time you must be disabled before benefits are paid. Ask about the waiting period options and how they impact premiums.
Understand the benefit amount you can receive and if it can be adjusted to suit your needs.
Inquire about additional features or riders that can be added to the policy for more comprehensive coverage.
Understand the premium structure, whether it’s fixed or adjustable, and how it might change over time.
Ask about any limitations related to pre-existing conditions and how they may affect your coverage.
Get information on the claims process and the documentation you’ll need to provide.
Why Get Disability Insurance From Westland?
At Westland, we offer disability insurance to protect your income, ensuring financial security during unexpected challenges. Choose us for:
Customized Coverage
Tailor your policy to your unique needs.
Affordability
Quality coverage that fits your budget.
Long-Term Goals
Safeguard your financial future.
Expert Guidance
We’re here to support you every step of the way.
Book Your Appointment Now!
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