What Are the Points to Be Considered When Buying Sun Life Insurance Short Term Disability?
Sun Life Insurance Company is a world leader in offering various types of short term disability insurance policies. These policies are very useful for those individuals who are not able to find insurance at the time of need. There are Insureinfoq who buy insurance policies on the basis of future loss. This is because they cannot predict what may happen in the future. The best way of securing your future is by buying an insurance policy that offers guaranteed benefits.
An individual is able to buy an insurance policy that offers guaranteed benefit until a certain period of time called the "term". This duration can be bought by the person on monthly premiums. When the person becomes disabled or dies then the insurance company pays a specified amount called the "cost of living indemnity" to the beneficiary. The duration of the "term" can also be extended by the insurance company. The "cost of living indemnity" or "endowment value" is the amount that remains with the beneficiary after the death or disability of the policy holder.
The Sun Life Insurance Company offers many kinds of policies including those that offer guaranteed income. It is not necessary that you have to remain covered under this Sun Life policy if you become ill or disabled. If you become ill and cannot work you can sell the policy and get a fresh start. The policy can be continued until the time you resume working. In case you become totally disabled you will receive payments equal to ten percent of your regular monthly income until the completion of the "term".
The policy will remain in effect even if you become totally disabled. There are different ways to pay the premiums including the ability to make payment in installments. This means that the person buying the short term policy will have to submit premiums every month till the policy is completed.
The disability insurance policy pays the benefits only when the insured individual is unable to work because of illness, injury or a temporary condition. This is known as the endowment benefit. The benefits of the policy are paid even if you lose your job during the period of the policy. Also, the policy will not cease functioning during the disability. But there are certain points to consider before you go ahead with this kind of policy.
When you buy Sun Life insurance short term disability, you should know what the benefit of the policy is. The policy may not pay all the expenses for your medical care, but it will offer the coverage to make necessary home based care and personal injury charges. Apart from the expenses covered, the policy will pay the deductible. The deductible is the sum that has to be paid by the insured party for any claim before the insurance company pays the rest.
The premium of the Sun Life insurance short term disability policy is very affordable. And the good thing about this is that you do not have to make monthly payments. In fact, if you are planning to buy an endowment policy for long term care then you should go for it. You can also choose the term of the policy and for that you should also consider the expenses that are likely to be incurred. If the costs are more than the amount that you can afford to pay every month then you should probably opt for a different type of policy.
There are some points that you should consider when you are buying Sun Life insurance short term disability. And the first point to consider is the premiums that you are required to pay. If you make a mistake of paying the premiums for a longer period than the policy has been offered for then you may have to face claims made against you for the wrong reasons. Also make sure you understand the policy clearly before you go ahead with it.