Going About Individual Disability Insurance Options: Study In Detail!


Accidents and illness are unforeseen circumstances that could jolt anyone's life in a big way. It is wise to protect oneself and one's dependents against such contingencies by getting an individual disability insurance cover.  Purchasing such a policy would provide a financial cushion in the event of a disability happens.

Although there is no doubt the individual disability insurance income would not give the same amount as one's existing salary or income, it would still provide a substantial part-amount favorably comparable to the salary that one was used to before disablement.

Moreover, such individual disability insurance income would continue for as long as the disability exists and prevents one from doing his usual job. These benefits come in handy in paying day to day’s expenses and monthly bills which may include car loan payments, house mortgage, etc. The amount received as benefits is on average around 50% of the salary earned. It could vary from 40% to 65% of the salary drawn before one get involved in any kind of disablement.

The benefits could be monthly or yearly depending on the kind of policy. The amount also depends on the type of policy and the insurance company. There are also some insurance companies which provide individual disability income insurance at a flat rate.

With such a variety of individual disability insurance schemes, one must be aware of the right policy to choose from. The terms and conditions offered by different insurance companies should be gone through in detail. And you should ascertain whether you are eligible under various disability categories as defined by a particular company.

The words 'occupation' and 'gainful occupation' should also be studied properly. The rates offered by various companies should be compared along with other details to ascertain their suitability towards the kind of individual disability insurance cover one desires.