Disability Insurance In Broward County
Request Now a Custom Disability Insurance Quote and Receive Our Best Rates!
Many life insurance policyholders usually see no reason why they should also have disability insurance coverage. While they both provide income protection, they serve different purposes.
Disability insurance is a policy that takes care of an insured person if he or she becomes unable to carry out the usual economic activities necessary to earn a living. The disability might be owing to a physical or mental condition that renders a person disabled either for a short or long period of time. You choose a policy and you pay a premium as agreed between you and the policy provider with the agreement that, in the event of any form of disability, the insurer takes over the responsibility of paying you a certain percentage of your regular income.
Why You Should Get Disability Insurance
Have you ever pictured the possibility of falling sick, getting injured, or becoming incapacitated due to an illness or accident? Of course, it can be hard to imagine, but this is a possibility no one is immune against. If something like this happens, it shouldn’t stop you from being able to pay the bills. This is the essence of disability insurance.
You should get coverage because, if disability eventually strikes, the policy will serve as a cushion that you can always fall back on financially. Without this plan in place, it will be very challenging to make ends meet.
Apart from that, the focus is not going to be just on you; your dependents will also be cared for in the course of the disability that keeps you away from work.
Many insurance companies in Broward County have different disability coverage policies from which a customer can choose based on one’s preference. For each of these companies, there exists a certain standard guiding their disability insurance policy.
How Does Disability Insurance Work in Broward County?
A disability insurance policy in Broward County could be bought directly from an insurance company or be obtained from an employer.
It was also forecasted that as the population continues to age, and because the chances of having a disability increase with age, the percentage of people with disabilities in Broward County is expected to accelerate in the coming decades. A disability is a challenge on its own, adding the challenges of unemployment without insurance coverage poses a more severe economic problem.
Whichever way it comes, it’s purpose is to pay a part of the insured’s income for an agreed period of time if he or she becomes unable to work due to injury or illness. Here are some tips on how it works:
Short-term & Long-term
There are two types of disability policies you will come across in Broward County: short-term and long-term disability insurance policies. The short-term policy takes care of the insured for a limited period if he or she becomes incapable to work and makes ends meet while the long-term policy gives coverage for a more extended period.
Both short- and long-term policy types have a particular period known as the “elimination period”, which must prove that an insured is disabled before the insurance company will start disability payments. If something happens and the insured becomes incapacitated, the elimination period must pass before the commencement of insurance rewards. It usually takes between 30 to 365 days.
Disability Insurance Coverage
This is what the insurer offers the insured when he or becomes disabled. With the coverage, you can provide financial support for things like your bills, your child’s education, and other essential needs
Interestingly, as crucial as disability insurance is, many Broward County residents are without it, and this might be a threat to people’s welfare as about 22.6% of the Broward population lives with one form of disability or other, which is above the national average. A recent report further showed that out of that total number, 21.3% are unemployed.
What You Should Look for When Buying Disability Insurance in Broward County
Here are some tips for finding appropriate disability coverage from insurers in Broward County:
Do a Background Check
Whenever you decide to purchase disability insurance, it is advisable to do some feasibility studies on policy options and companies that are available to you.
Rate by Age
Age is another factor in disability insurance. In most cases, getting your disability insurance coverage at a much younger age will give you a better insurance rate.
Always Be Sure Your Insurance Covers Your Area of Expertise
The risk of injury varies from occupation to occupation. So whether you’re a construction worker or a health professional, make sure your chosen disability insurance policy is relevant to your field.
Choose Credible Insurance Broker
After you have gathered the necessary information, you will need to consult an insurance broker to further help give expert advice. Choose a broker that will give you insights into the credibility of each of the insurers around. You should let the insurance broker guide you through the entire process.
How Gold Coast Life Insurance Can Help
At Gold Coast Life Insurance, we understand the severe financial implication of disability in society and how more severe it can get without a disability insurance policy. This is the reason why, as an independent insurance agency, we make our terms and conditions more customer-centered.
Our goal is to ensure that no one in Broward County is left high and dry due to disability, regardless of their status. To that end, we accept members with pre-existing conditions as well as high-risk clients. Also, becoming a member doesn’t require a medical exam. You can get a free quote now and start your process of getting yourself covered with disability insurance in Broward County.