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Why is Disability Cover Important?

Aniket Thakkar Aniket Thakkar 16 March 2016

Have you heard of disability cover? Why is it crucial to purchase one? Read and understand a few important reasons on why purchasing a disability cover is a must.

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You are in your mid-twenties, and have just started enjoying life’s rollercoaster ride. You have a great job, a fantastic circle of friends, loads on your weekend wish-list and few responsibilities. It couldn’t have been better! But as we know, life is not picture-perfect! Hence, you must consider unforeseen contingencies and plan for the future.

Have you thought of buying a disability cover? If not, here are a few reasons why you should.

A disability cover stands different from health or life insurance

A life insurance cover provides death benefit and a health insurance policy takes care of hospitalization expenses. Meanwhile, a disability cover provides insurance against long-term or short-term disability.

For instance: Rakesh, 25, claimed cover for a fractured leg under his health insurance. But the injury did not need hospitalization for up to 24 hours. Hence, he wasn’t covered. In such a case, disability cover would have helped.

Low on premium

Disability covers are not as popular as life and health insurance policies. These policies are cheaper than most term insurance plans. Consider this situation: 24-year-old Rajni pays an annual premium of Rs. 225 for a cover of up to Rs. 5 lakh. So, at a minimum cost, she is covered for any permanent disability. The cover could be further enhanced or customized to suit her needs.

Compensates for loss of wages

Disability cover gives you financial support in case of incapacity after an accident. Assume this situation where you had fractured your leg and were unable to go to work for months. In that case, a disability cover could pay you a certain amount. Perhaps, Rs. 5,000 a week, until you would get back to work.

Safeguards against long-term disability

Long-term disability insurance compensates for the loss of your current as well as future income. The sum insured is calculated on the basis of your earning capacity. This is an ideal cover for people who are exposed to grave physical hazards due to their vocation (or even otherwise). They are likely to get completely disabled in an accident with no chances of recovery. In such a case, they would still be able to pay for the specialized medical equipment as well as home-based medical care through the disability cover.

Plugs the hole in employer’s insurance

Not all group insurance schemes provide disability cover. Some offer to share the cost of premiums with the employees, and others offer it as a voluntary employee benefit. Ask your employer whether you can buy additional coverage. It serves as an essential safety net for protection against crippling accidents that can throw anyone’s life off-track.

Disability is common

With the growing number of road accidents, a misfortune could strike at any time and keep you away from work for a substantial period of time. Disability insurance is handy when misfortunes knock on your door unexpectedly.

Saves tax

You can always use the extra expenditure on health insurance to cut down your tax burden. The amount spent on medical insurance up to a certain limit can assist in reducing your taxable income thus, trimming your liabilities.

The best way to tackle unforeseen events is to be mentally, physically, and financially ready to face it. Get a disability cover to stay stress-free about your future!

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Aniket Thakkar
Written by Aniket Thakkar
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.