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If you think that you will never require disability income insurance, you should reconsider your decision. In fact, the current statistics reveal that one in four of today’s young adults becomes disabled before they reach retirement age. This was revealed in a recent report released by the Social Security Administration in the United States. There were altogether 21.4 million people between the ages of 16 and 64 years in the United States who were disabled before they reached retirement age. This was revealed at the 2010 Census. That is why looking for an ERISA lawyer is wise and discuss about you reconsidering your decision of not getting an income protection cover. Here are some of the advantages of an income protection cover.

Image result for Disability Income Insurance BenefitsAn income protection cover is also called a disability income insurance. This type of cover is quite beneficial to an individual who lives on a weekly or monthly income. What happens if you meet with an unfortunate accident and injure yourself? That is where an income protection policy comes in handy. It will offer you a steady income on a short-term or long-term basis until you are completely healed and could return back to work. On the other hand, if the disability is permanent, you will receive the benefits until your retirements or thereafter. The terms and conditions of the policy may differ according to the premium you pay and what you agreed when applying for the coverage.

Income protection insurance coverage amounts are usually designed to offer a reasonable income replacement to the disabled individual. The policy will still maintain an incentive to entice the individual to return to work once completely healed. This type of policy will usually cover more than 60% of the income received by the individual prior to his or her disability. On the other hand, the premium and benefits of a disability income insurance may vary depending on many factors such as the age, medical history, physical condition, gender, Occupational duties, and the income of the individual. There are many sources that can affect the benefits and definitions of the coverage. Additional income sources, benefit period, and elimination period are some of these sources.

The elimination period of an income protection cover is just like the deductible of a medical insurance policy. The insured individual is not eligible to receive any benefits during this period even when he or she goes through an injury that prevents them from working.

The above read offers information on disability income insurance benefits.