Life And Disability Insurance
No one wants to think about passing away, and nor does anyone want to think that they could become disabled, and be unable to work and earn a living anymore. Unfortunately these things do happen, and death and disability do not favour certain genders, races or ages. It can happen to anyone at any time, and you need to be prepared. This is why it is imperative that you take out life and disability insurance, at as young an age as possible.
Life and disability insurance is like killing two birds with one stone. Many life insurance companies will offer disability insurance as part of your package. Firstly, the life insurance will cover your beneficiaries with a lump sum cash payout in the event of your death. It is entirely up to you whether or not to take out a whole life insurance policy, or a term life insurance policy. A whole life insurance policy will be in effect until whenever it is that you pass away, whilst a term life insurance policy is taken out over a specified number of years. Term life insurance policies are usually taken out by people who want to financially secure their families whilst they are in their working years.
Disability insurance is the added extra you can take out on your insurance package, which will cover you financially in the event of becoming disabled. The clauses in the policies differ, with regards to how much money you receive for certain types of disablement. How much coverage you receive and for what types of disablement are completely up to you. There may be some clauses in the policy which are automatically added, but you need to speak to your life insurance broker to find out what you are covered for, and what else you would like to add onto your policy.