Principal Disability Insurance – Everything You Need to Know

If you are a working professional, you know how important it is to protect your income in case of unexpected events. One way to do that is by getting disability insurance. Disability insurance provides you with financial support if you are unable to work due to an injury or illness. Principal disability insurance is one of the leading disability insurance providers in the market. In this article, we will discuss everything you need to know about Principal disability insurance.

What is Principal Disability Insurance?

Principal disability insurance is a type of insurance that pays you a portion of your income if you become disabled and are unable to work. The amount of money you receive depends on your salary and the terms of your policy. This insurance is designed to protect your income in case of unexpected events such as illness or injury that prevent you from working.

One of the unique features of Principal disability insurance is that it offers customizable policies based on your needs. You can choose from different coverage levels, elimination periods, and benefit periods. This allows you to tailor your insurance policy to meet your specific needs and budget.

Coverage levels

Principal disability insurance offers coverage levels ranging from 50% to 70% of your pre-disability income. You can choose the coverage level that best suits your needs and budget. However, keep in mind that the higher the coverage level, the higher the premium.

Elimination periods

The elimination period is the waiting period before you start receiving benefits from the insurance company. Principal disability insurance offers elimination periods ranging from 30 to 365 days. The longer the elimination period, the lower the premium.

Benefit periods

The benefit period is the length of time that you will receive benefits from the insurance company. Principal disability insurance offers benefit periods ranging from 2 years to age 67. The longer the benefit period, the higher the premium.

Why do you need Principal Disability Insurance?

One of the main reasons you need Principal disability insurance is to protect your income in case of unexpected events. Disability can strike anyone, anytime, and can rob you of your ability to earn a living. If you become disabled, you may not be able to pay your bills or take care of your family. Disability insurance provides you with financial support when you need it the most.

Another reason you need Principal disability insurance is that it offers customizable policies that fit your needs and budget. You can choose the coverage level, elimination period, and benefit period that best suits your needs. This flexibility allows you to get the coverage you need without breaking the bank.

Finally, Principal disability insurance offers a range of benefits that can help you get back on track after a disabling event. Some of the benefits include rehabilitation benefits, survivor benefits, and return-to-work programs. These benefits can make a big difference in your life and help you get back to work and achieve financial stability.

How does Principal Disability Insurance work?

When you purchase Principal disability insurance, you will pay a premium to the insurance company. In exchange, the insurance company will provide you with financial support if you become disabled and are unable to work. If you become disabled, you will need to file a claim with the insurance company. The insurance company will review your claim and determine if you are eligible for benefits.

If you are eligible for benefits, the insurance company will pay you a portion of your income. The amount of money you receive depends on your salary and the terms of your policy. You will continue to receive benefits until you are able to return to work or until the end of your benefit period.

FAQ

Q: Who is eligible for Principal Disability Insurance?

A: Principal disability insurance is available to working professionals who earn an income. You must be between the ages of 18 and 60 to apply for coverage.

Q: How much does Principal Disability Insurance cost?

A: The cost of Principal disability insurance depends on several factors, including your age, occupation, health history, and the terms of your policy. The higher the coverage level and benefit period, the higher the premium.

Q: Can I customize my Principal Disability Insurance policy?

A: Yes, Principal disability insurance offers customizable policies that allow you to choose the coverage level, elimination period, and benefit period that best suits your needs and budget.

Q: How long does it take to receive benefits from Principal Disability Insurance?

A: The length of time it takes to receive benefits from Principal disability insurance depends on several factors, including the terms of your policy, the severity of your disability, and the insurance company’s review process. Typically, you can expect to receive benefits within a few weeks to a few months.

Q: What happens if I return to work while receiving benefits from Principal Disability Insurance?

A: If you return to work while receiving benefits from Principal disability insurance, your benefits may be reduced or terminated depending on the terms of your policy.

Conclusion

Principal disability insurance provides you with financial support in case of unexpected events such as illness or injury that prevent you from working. This insurance offers customizable policies that fit your needs and budget. By purchasing Principal disability insurance, you can protect your income and get back on track after a disabling event.