The following is a guest post but I did want to point out that I think disability insurance is REALLY important. I never considered it until I learned the actual statistics of your chance of becoming disabled before you retire: 1 in 4. I’m very lucky to have disability insurance through my employer, so it’s not something I worry about anymore, but if you don’t have a plan for just-in-case, I suggest you look into it because NO ONE is invincible – Bridget
Balancing the life of a college student is a near impossible feat. The demands of both being alive and attending college at the same time are tremendous! A great portion of the burden lies in the finance department of any undergrad; the day to day expenses in the campus alone will have you working night shifts just to make ends meet, especially if you are not sponsored by anyone. Rushing up and about, here and there from university to workplace has its risks though, such that could possible injure you critically, rendering you disable. It may also pose a risk to your health and wellness, leaving you vulnerable to sickness and diseases. These disabilities may cause you to be unfit to continue your average day to day routine. How then will you be able to earn the income you need to survive the everyday needs of being a college student?
A Disability Insurance Plan for Students is an excellent way of assuring the security of your finances in the event that you are disabled critically. What is this insurance plan exactly and how will it benefit you? Well let’s find out why this is of grave importance to any college student.
Disability Insurance Plans are policies that provide you financial assistance in case of accidents and illnesses that will render you disabled. The insurer will make a payment thru either a lump sum manner or increments for as long as the insured is unable to generate sufficient income on his own. Now, as a student, it is with high probability that your financial capabilities are quite limited. Combine this with tuition fees and you’ll find how much they really don’t complement each other. Secure your future by insuring yourself against financial crisis with a student disability plan.
What are the benefits of being insured?
1. Income protection
As a college student, every buck you make counts! However, when the unfortunate happens and you become disabled and incapable of generating income, you will be left defenseless. With a disability insurance plan you are guaranteed protected income through payments from the insurer covering your expenses and acting in place of a regular income. In crucial times like these, what you need is sure and steady inflow of cash, being insured will grant you this.
2. Pay your debt
The coverage of your insurance policy should always be enough to cover your daily medical and physiological expenses. It should also be enough to cover any debt that you have, such as student loans. This will secure a bright future for you, because though you may be disabled, you may still be able to continue your studies. All without having to stress out your mind and body on thinking ways to pay for school.
3. Recovery
The last thing you need when recuperating from your disability is to be stressed out. This has been proven to be the culprit of slow recovery. You need to get back on your feet as soon as possible and that won’t happen if you are constantly straining yourself thinking on ways to pay for your expenses. Disability insurance offers you the peace of mind to just concentrate on getting yourself back together,
Life is unpredictable just as your college professors are. The best defense to a surprise quiz is to be prepared the night before, right? The same rule applies to everything else in life… be prepared!
Author Bio:
Mitchell has been involved in the insurance industry since 2004 and is the President of MyDisabilityPlans.com and MyLTCPlans.com, subsidiaries of Secura Consultants. Mitchell is responsible for the development and expansion of the online retail disability and long term care insurance business, building client relationships, disability plan design development and implementation.
I am really disappointed in this article. As a parent with a disabled child I was excited to read this because of the title. It implies the article is about how to plan for students who are already disabled. An article like that would be more beneficial than a post that is essentially an advertizement for insurance policies.
I’m sorry, I didn’t realize the title was misleading. If you’re interested, I’d be happy to publish a guest post from you on the topic? I think it would give good insight to the situation and explain what really needs to be considered when planning expenses for a child with disabilities.
disability insurance is such an important thing to have!!
I agree, it is definitely important to have! You never know what may happen.