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Why Purchase A Disability Insurance Along With Your Standalone Life Insurance Policy?

3 min read
Disability insurance

When you are thinking about insurance, you may not even think of disability insurance. Here are a few reasons why Trust Life advisors recommend you to put it at the top of your purchase list.

What if you had met with an accident tomorrow and cannot go to work for a few months or even a year? What about a devastating truck accident or an illness that would supposedly take about a year or even two to recover?

If you are the primary bread earner of the family, it could definitely mean financial hardship, especially if you do not have disability insurance. 

What is Disability Insurance?

Disability insurance is a form of insurance that provides you with a monthly payout in case you are disabled and unable to work. There are usually two types of disability insurance policies: short-term and long-term disability insurance.

Disability is one of the most common causes of bankruptcy. Hence, Disability insurance can act as your saviour if you are unable to go to work and need to keep up your income at the time of recovery. 

Who needs disability insurance?

You simply cannot predict the occurrence of an accident. It can happen to anyone and at any time.

Depending on the possibilities of accidents and risk factor, we can still say that everyone may not need disability insurance. But, for people in manual labour or in specialized positions like a surgeon, disability insurance is a must-have policy.

To put it simply, we will say if you are in a profession that is prone to injury, you should definitely invest in disability insurance. 

Why is the purchase of a Disability Insurance policy so important?

  • Disability insurance can replace your income if you are seriously ill and unable to work

Some of the most common disability insurance claims are related to musculoskeletal disorder, cancer, cerebral palsy, and depression. While we certainly hope you do not have to deal with any of these disorders, they are also unfortunately very common.

So better be safe than sorry. You just never know when a life-changing illness or accident can strike. 

  • Disability insurance can replace your income in case you are seriously injured

Many jobs carry a high risk of injury. For example, if you are involved in any kind of manual labour, your body is essentially your ability to earn. Factory, construction, and other similar manual jobs can easily lead to an injury. While your employer’s plan may cover some of your bills, it may not be enough.

And then, there are surprise injuries like a slip and fall on your sidewalk, a car accident that’s not your fault – a disability insurance can help you immensely in such a situation by taking care of your finances while you recover.

  • Disability insurance protects your family from a complete loss of income

Unless you have significant emergency fund or a spouse with a paycheck, a disability insurance policy can save you in dire times of need.

We have seen people giving up their homes and move in with the relatives – all because of a life-changing injury without a disability insurance to protect their income. With disability insurance, things may not be easy but it is a lot better than having no option.

Talk to us about disability insurance – free consultation, zero obligation

At Trust Life, we have been providing expert insurance and investment advice to businesses and individuals for over 30 years. Talk to us to know your options as far as disability insurance is concerned. You can easily purchase disability as a rider with your existing life insurance policy or as a standalone plan. 

We will assess your financial obligations and needs and come up with best possible option for you ensuring you get the highest return on your investment.

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