Introduction: Disability insurance is often overlooked in financial planning, but it plays a crucial role in protecting your income and financial stability. If you’re looking to buy disability insurance, you can often buy insurance online to make the process more convenient and accessible.
What is Disability Insurance?
Disability insurance is a type of insurance policy that provides income replacement if you are unable to work due to a disability. The policy will pay you a percentage of your income, typically around 60%, if you are unable to work due to a covered disability.
Types of Disability Insurance
1. Short-Term Disability Insurance
Short-term disability insurance provides income replacement for a short period of time, typically up to 6 months. This type of policy is designed to cover temporary disabilities, such as an injury or illness that prevents you from working for a short period of time.
2. Long-Term Disability Insurance
Long-term disability insurance provides income replacement for an extended period of time, typically up to age 65. This type of policy is designed to cover more serious disabilities, such as a chronic illness or a permanent disability that prevents you from working for an extended period of time.
The Importance of Disability Insurance in Financial Planning
1. Income Protection
Disability insurance provides income protection if you are unable to work due to a disability. This can help ensure that you are able to maintain your standard of living and meet your financial obligations, even if you are unable to work.
2. Peace of Mind
Having disability insurance can provide peace of mind, knowing that you and your family will be financially protected if you are unable to work due to a disability. This can help reduce stress and anxiety about the future.
3. Insurance Companies in Kenya
If you’re located in Kenya, there are several reputable insurance companies that offer life insurance policies. Some of these include:
- Jubilee Insurance
- Britam Insurance
- ICEA LION Insurance
Conclusion
Disability insurance is a crucial component of financial planning, providing income protection and peace of mind in the event that you are unable to work due to a disability. If you’re looking to buy disability insurance, you can often buy insurance online to make the process more convenient and accessible.