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Disability insurance is one of the most ignored insurance coverages out there. But the greatest asset we have isn’t our home or our car. It’s our ability to wake up each morning, go to work, and earn an income.

Expenses often increase due to disability, while income is drastically reduced. In the event that you’re unable to continue to earn your income because of illness or injury for any period of time, your family’s financial plans could be ruined. The only way to protect yourself and your family from financial disaster is to maintain adequate disability insurance. There are two types of disability cover;

Lump-sum disability cover may pay out when you are unable to perform certain activities, but the impact of the injury on your ability to do your job will dictate whether you qualify for a pay-out. As the name suggests this is a once off lump sum pay-out that is paid in the event of disability. A problem you may encounter when you claim on a lump-sum benefit policy is that these benefits are typically only paid out when you are permanently disabled. Lump-sum benefits are specified when you take out your policy and may grow on an annual basis at an escalation rate selected by you.

Disability income is a form of disability cover that pays an ongoing income only, not a lump sum. The benefits are typically related to your monthly earnings when you take out your policy, but may also escalate annually, and pay out until a selected retirement age. Unlike the lump sum, Disability income can provide for both temporary and permanent disability.

One type of cover is not better than the other as they both serve an important need. Disability income best suits your need to replace lost income if you are disabled. Whereas the lump sum would be used to fund any additional expenses such as remodelling your house to facilitate a wheelchair or paying off debt. They go hand in hand and both work together to keep your finances in check without having to get into debt.

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