subject: North Carolina Disability Insurance - The Importantance of Having One [print this page] North Carolina Disability Insurance - The Importantance of Having One
Insurance is one of those products that you purchase but hope that you never have to use. For this reason, when experts or officials recommend insurance products it is viewed with suspicion that insurance companies are only trying to shake more money out of them. However, there are some insurance products which every person should have because of the enormous protection it provides. One of those is North Carolina disability insurance. Many people walk around with a notion that they are invincible and that nothing bad will happen to them. However, the truth is a person can fall ill or become disabled at any moment and that is when the trouble will begin. Whether it is an illness or injury, when a disability causes you to become unable to work, your problems begin accumulating right at that moment. This is because even though you are not able to go out and earn a living, your living expenses continue to accrue. You still need to pay the rent on your home, buy food, pay the utilities, and make the car payment. This is in addition to the medical expenses you have to pay above and beyond what your medical insurance covers. If you don't have any savings or any other source of income, you can easily fall into bankruptcy and lose everything. Having disability coverage can protect you from that.
When you become disabled, a North Carolina disability insurance policy will pay a monthly amount based on your contract for a set number of months. For example, you can purchase a policy that will pay out $3000 per month for 60 months in the event that you become unable to work due to illness or injury. This is money that you can use to pay your bills so you only have to worry about getting better rather than about keeping a roof over your head or putting food on the table.
You cannot purchase disability coverage in an amount greater than a certain percentage of your yearly salary. However, many policies do account for inflation and will raise the benefits accordingly every year. The one thing you do need to be cautious about is how the insurance company defines disability. This can differ from provider to provider. It is a good idea to sit down with an insurance agent who can explain the ins and outs of the different North Carolina disability insurance policies. They do not charge for a consultation and can help you save time and money by helping you shop for the best deal.
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