Applying For Individual Disability Insurance

Individual disability insurance is a kind of individual insurance that is owned by workers or employees, and the employers are the ones who give this insurance for them. If you are a person who has this kind of insurance, you actually need to look into your own need and welfare. The fact is that most coverage and services of this insurance neither do nor fulfill the insured’s needs and welfare.

In getting or applying for individual disability insurance, you can do it from a financial planner that will be generally telling you to plan your financial life with such disability insurance. You can also get this insurance from Mortgage Company, or salespersons who sold you this insurance.

 

The period of individual disability insurance is relatively longer than group disability insurance; in general, it is five or even ten times longer than the group insurance. This longer period is definitely beneficial for those who are planning their retirement. This individual disability insurance really is providing policies that last for five to five years; some even last until the insured have retired.

There are some steps you will probably through, once you decided to apply for individual disability insurance. The first phase you should through is the medical examination; this phase is needed to decide your insurability. This phase is actually pretty much dealing with the un-renewable characteristic of disability insurance, in which the insurance cannot cancel the coverage they offer.

Some types of individual disability insurance are included into the non-cancelable basis, and some are included into renewable guaranteed basis. In renewable guaranteed basis, the insurance company cannot cancel any coverage and contract they have made; yet, they can increase the insurance rate.

 

There are many benefits individual disability insurance would give to you, and the first benefit is that this insurance will pay you up to 80% of your current salary. Thus, though this kind of insurance is probably a bit expensive, the service it gives will be so much worth it for your retirement period.

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Gilang KenViL