For people who want a complete package in insurance covering everything from business to individual, principal life insurance is something they should look out for. This insurance plan covers disability, medical and drug plans, dental insurance, and annuities. Life insurance is something that every person today buys. So, why not choose principal life insurance that offers higher benefits and covers more fields? Many aspects of this insurance could prove beneficial in the long run, and so, it is the most recommended type of insurance policy by experts and agents these days.
Types of principal life insurance
⦁ Term life insurance- this policy protects a person for a period ranging from twelve months to 20 years. It also offers renewable conversion options and tax-free death benefits. One good thing about this policy is that it can be converted to a permanent policy regardless of the health of the person insured.
⦁ Survivorship life insurance- this policy covers two lives. Here, the benefits are payable after the second person dies. It is the most suitable policy for couples, and if both are into the same business, it covers them as well.
⦁ Employer disability insurance- this policy is meant for workers in an organization and insures them against any accident or unfortunate accident they might meet with at their workplace. It covers work incentives, survivors’ benefits, etc.
⦁ Long term disability insurance- this plan is meant for small companies having not more than ten employees. This policy is designed to protect such employees from the stringent rules and restrictions of their company not to feel exploited. So, they include work incentives and other benefits also.
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Insurance policies are generally meant to fulfill the retirement plan, pay the mortgages, create lifetime comforts, and generate funds for childcare and education. These policies should be able to accomplish all the person’s emergency needs and meet all their basic requirements. Principal life insurance encompasses all these important features, and that is why it is currently the most preferred insurance policy.
It is not very difficult to access all these policies these days and gather information about them. Internet today is the most trusted medium to find out about them. The countless reviews available on the net about them give the person an insight into their benefits and disadvantages. You can also compare different policies and choose the one best suited to your requirements and budget through the internet.
Secure Your Future With Short Term Disability Insurance
You must have heard about home insurance, car insurance, health insurance, life insurance, etc. It would be best if you probably were insured with one or all of these policies to secure your future and pay for the anticipated costs. But what if you fall ill or meet with an accident and can’t work temporarily? Who will bear the cost of losing income during those non-working days? Short-term disability insurance is designed to meet all those costs when you do not work for a long duration due to a serious illness or major accident.
What is short term disability insurance exactly?
It is a policy that pays benefits from a minimum of 90 days to 1 year. It means that the victim or sufferer will receive approximately 60% to 70% of his regular earnings from the organization for his/her non-working duration to pay for the daily living expenses and other mortgages. According to a survey, about 80- 85% of employees today have a disability during their working tenure, and most of these disabilities are caused outside the office. So, they cannot even claim workers’ compensation for it. Thus, with short-term disability insurance, they can fulfill all their basic requirements without being dependent on others for them. Think about a circumstance when an individual has out of nowhere experienced a liver infection or coronary failure; he/she is not ready for the extra money related weight to be put on him. The expense of the medications, rooms, tasks, and absently the specialist charges are remembered for the medical coverage.
Duration of benefits from this policy
Short term disability insurance starts from the day the victim has applied for it. Generally, it does not cover the elimination period, i.e., the time between the diagnosis of illness/injury to the start of benefits. This policy’s benefits continue for as long as the victim is under the doctor’s observation and cannot return to work and terminate as soon as he/she starts working. The period of benefits earned also depends upon the duration you have chosen while purchasing this policy. The amount of income earned from this policy depends on several factors like the level of comforts chosen while buying this policy, the kind of disability the person has, whether partial or full and the disability duration. These agents can acquaint them with the various aspects of this policy and guide them to go.
Benefits from this policy
Short term disability insurance covers your monthly expenses from food bills to petrol expenses to car installment to mortgage loan installment to house tax to even water tax! So it is the right of every person suffering from some of the other kinds of disability. Hence, it should be purchased as soon as the person starts earning. The good thing is this insurance is valid for as long as the person is working, and therefore, he/she doesn’t have to worry about his bank balance while he/she is on leave from work. This insurance is also a blessing in disguise for would-be-mothers who cannot work during and after pregnancy for a few weeks due to health constraints.
Therefore, every working person must purchase a short-term disability insurance policy since it is their right, which no one can take away from them. This policy can also be purchased online these days without having to set foot outside one’s home.
A principal life insurance policy is not very expensive and can be easily afforded. This policy is renewable and can even be made permanent later in life with the same company. Hence, this policy’s benefits have made it the most preferred choice of both the businesspersons and people in jobs.