Disability insurance is a hot topic of discussion these days. The reason perhaps for this is that becoming disabled is among the biggest risks of an individual, simply because of its financial implications. A recent survey conducted points out that there is a 50% chance of an individual suffering from long term disablement. The younger you are, more is the risk and thus you need to know everything about disability insurance and its various aspects. In this article, we will discuss about some of the main reason why one should opt for disability insurance.

It is a true notion. If you want to work effectively each day, you need to be healthy. No doubt wealth is important for an individual, but he will also have to take care of his health. As a person falls sick, it becomes difficult for him to work, as the earning capacity of that individual might get decreased. Remember that your utility providers will not waive off the bill if you become sick or are injured in some accident. Also, banks and other financial institution are hesitant in lending money when a person is sick or injured. The time to buy insurance is when you are healthy and fit. If you fall sick, forget availing the disability insurance.

Many people also go after disability insurance because the group disability insurance is very limited. In majority of the cases even when you have group disability insurance with you, there are high chances that you will not be counted for full coverage. There are many reason for this like group polices have cap over their regular salary, group polices only go for total disability, etc. Because of these limitations of the group policies, you must opt for individual disability insurance.

It is not that at any point of time in your life you can avail this type of insurance. You have to buy insurance when you are healthy. When a person is injured the insurance service providers flatly refuse to insure the person simply because he or she becomes a high risk case. In case you are able to get one insurance policy, you have to pay very high premiums. So don’t wait, get insurance now.

Changing jobs become very difficult when a person is hurt or sick. Sometimes the circumstance forces an individual to shift the job, simply because he is unable to perform his current job well. No one likes to waste time in a job which doesn’t suit to your abilities and skills. If you have financial cushion of disability insurance with you, there will be no need for you to rush for any other job and you can wait for the right kind of job.

Lastly, disability insurance is a must for self employed people, simply because they are not covered under any group benefits. If you are self employed and working without any kind of insurance coverage then you are highly vulnerable for income loss.