In today’s uncertain world, securing your financial future is more important than ever. One way to ensure you’re protected against unforeseen circumstances is by purchasing long-term disability insurance. This type of insurance can provide you with a steady income if you’re unable to work due to a long-term illness or injury. If you’re considering buying insurance online, it’s essential to understand the ins and outs of long-term disability insurance to make an informed decision.
What is Long-Term Disability Insurance?
Long-term disability insurance is a type of insurance that provides a monthly income if you’re unable to work due to a long-term illness or injury. Unlike short-term disability insurance, which typically covers a period of up to six months, long-term disability insurance can provide coverage for years or even until you reach retirement age.
How Does Long-Term Disability Insurance Work?
When you purchase long-term disability insurance, you’ll need to choose a benefit amount, which is the amount of money you’ll receive each month if you become disabled. You’ll also need to choose a waiting period, which is the amount of time you’ll need to be disabled before you can start receiving benefits. Common waiting periods are 30, 60, or 90 days.
Who Needs Long-Term Disability Insurance?
Anyone who relies on their income to pay bills and support themselves or their family should consider purchasing long-term disability insurance. This includes self-employed individuals, business owners, and employees who don’t have disability insurance through their employer.
Insurance Companies in Kenya
When shopping for long-term disability insurance, it’s essential to compare quotes from multiple insurance companies to find the best coverage at the best price. In Kenya, some of the top insurance companies that offer long-term disability insurance include:
- Britam: Britam is one of the leading insurance companies in Kenya, offering a range of insurance products, including long-term disability insurance.
- Jubilee Insurance: Jubilee Insurance is another top insurance company in Kenya, providing comprehensive long-term disability insurance coverage.
- Madison Insurance: Madison Insurance is a reputable insurance company in Kenya that offers long-term disability insurance at competitive rates.
Benefits of Long-Term Disability Insurance
The benefits of long-term disability insurance are numerous. They include:
- Financial Protection: Long-term disability insurance provides a steady income if you’re unable to work due to a long-term illness or injury.
- Peace of Mind: Knowing that you’re financially protected in the event of a disability can provide peace of mind.
- Customizable Coverage: Long-term disability insurance policies can be customized to fit your specific needs and budget.
How to Buy Long-Term Disability Insurance Online
If you’re ready to purchase long-term disability insurance, the process is straightforward. You can buy insurance online by visiting the website of an insurance company and filling out an application. Be sure to compare quotes from multiple companies to find the best coverage at the best price.
In conclusion, long-term disability insurance is an essential type of insurance that can provide financial protection in the event of a long-term illness or injury. If you’re considering buying insurance online, be sure to understand the ins and outs of long-term disability insurance to make an informed decision.