Disability Insurance – A Must Have Coverage

The potential financial difficulty you could face if your income was abruptly cut off, due to illness or disability, makes purchasing a NJ disability insurance policy an important consideration. This type of insurance offers many different options depending on the policy you choose, but don’t let that cause you to delay. Protecting your income may be crucial to your future standard of living.

Here are some basic disability insurance policy options:

• Own Occupation/Any Occupation: An ‘any occupation’ policy means if you can still be employed in any occupation despite your disability, your policy won’t pay out. Typically, an ‘own occupation’ policy pays out if you lose the ability to perform your current job.
• Guaranteed Renewable: This option means the features of your coverage are guaranteed renewable up to the policy termination date, provided you continue to pay the premium as agreed.
• Length of Coverage: While a policy for five to ten years may have cheaper premiums, choosing coverage until retirement age when retirement benefits are likely to kick in, may be a wiser consideration.

Although deciding on an NJ disability insurance policy can be confusing, it could be an essential coverage to have. Due to the many options available with this form of insurance, should you have any concerns speak to your local insurance agent for professional advice.