Best Insurance Quote

Best Insurance Quote

 

All the different types of insurances can cause confusion. There are vast differences between Disability Insurance and Life Insurance.

Disability Insurance:

Private Disability Insurance is a financial tool that functions to replace your income if you were to become disabled. The result of begin disability can cause more financial hardship to your family than your death. You will still have living expenses and often enormous medical bills but you will not be able to work. 

The result of begin disability can cause more financial hardship to your family than your death. You will still have living expenses and often enormous medical bills but you will not be able to work. 

You will still have living expenses and often enormous medical bills but you will not be able to work. 

  • There is usually a waiting period before you can receive Disability Insurance Benefits. This means you have to wait a set amount of time after the disability.
  • Disability Insurance generally provides you with a monthly payment and does not cover specific expenses.
  • Disability Insurance payments continue for the duration of your disability or until the stated time limit on the policy has expired.
  • If you purchase Disability Insurance through a Group Disability Insurance Plan at your work and your premiums are deducted from your paycheck and your  Disability Insurance Benefits are taxable.
Private Disability Insurance purchased through a Group Disability Insurance Plan or through an Insurance Company will enable you to have more financial resources than relying on Social Security Disability Insurance.

If you are able to receive Social Security Disability Insurance your monthly disability benefits are based on your lifetime average earnings covered by Social Security.  The Social Security Administration has an extreme definition they use to define if you are eligible for Social Security Disability Insurance:

The definition of disability under Social Security is different from other programs. Social Security pays only for total disability. No benefits are payable for partial disability or for short-term disability.
“Disability” under Social Security is based on your inability to work. We consider you disabled under Social Security rules if:

  • You cannot do work that you did before;
  • We decide that you cannot adjust to other work because of your medical condition(s); and
  • Your disability has lasted or is expected to last for at least one year or to result in death.

This is a strict definition of disability. Social Security program rules assume that working families have access to other resources to provide support during periods of short-term disabilities, including workers’ compensation, insurance, savings, and investments. 1.
According to The Social Security Administration in 2014, it states that 1 out of 4  workers over the age of 20 years will become disabled for some period of time before they retire.2.
Surprising, only a small percentage of disabilities are the result of an accident. A large majority of disabilities are caused by numerous illnesses.
1.  Definition used by  The Social Security Administration to determine if you are disabled. 
2. Social Security Administration states 1 in 4 workers over the age of 20 years will become disabled for over 90 days.
Life Insurance: 
Life Insurance is a contract with an insurance company in exchange for a premium. Life Insurance terms, payments, and conditions are established at the beginning of the life insurance contract. In most cases, you are able to change your beneficiary during your contact.
There are different types of Life Insurance: Term Life Insurance, Universal Life Insurance, and Complete Life Insurance.
Term Life Insurance is an Insurance Policy that is designed to offer you financial protection for a designated period of time. The cost of Term Life Insurance is usually the least expensive type of Life Insurance to purchase because the coverage is specific to a period of time, such as 10 or 20 years.
Universal Life Insurance is a form of permanent life insurance that is created to function as lifetime insurance coverage. The terms and conditions of many Universal Life Insurance policies can fluctuate and you may be able to adjust your coverage amounts throughout your lifetime. The cost of Universal Life Insurance is usually sufficiently more expensive than Term Life Insurance.
Whole Life Insurance is a life insurance policy that is designed to cover you as long as you live. You pay the same premiums on a set date and set period of time to receive the death benefit. Regardless of how long you may live, Whole Life Insurance is usually a type of policy that is kept in force for the rest of your life.  This type of insurance provides life insurance coverage with a savings feature. The saving component to this type of life insurance results with you usually pays higher premiums than Term Life Insurance or Universal Life Insurance.
Personally, I feel every family that needs a paycheck to cover life’s necessities; Food, Clothing, and Shelter should have Term Life Insurance. The cost of Term Life Insurance can be as little as $25.00 a month for a two hundred and fifty thousand dollar policy.
I have to agree with Dave Ramsey about Term Life Insurance: “Awesome Value”.  As far as, Universal Life Insurance and Whole Life Insurance; I do not purchase anything I do not understand. I feel the risk, reward ratio for Term Life Insurance is the best option for most young families.
I strongly believe the best insurance quote is: Insurance is Expensive but Priceless. – HypoGal
You can read more about HypoGal at www.HypoGal.com.
You can read about HypoGal’s experience with Disability Insurance on Amazon #1 Ranked Book about Disability Insurance, HypoGal and Disability Benefits.
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