When you take a new job, you will eventually become eligible for benefits, which might include guaranteed issue disability insurance. While you might not fully understand this benefit, and you might feel tempted not to enroll in it, you need to always consider its perks.
A guaranteed issue disability policy will be there to help you at times that you might not know you need it. It’s income support that will kick in when you can’t receive your regular paycheck, but still need a stream of funds to continue to support yourself.
What is disability insurance?
A disability doesn’t have to be a permanent or severe injury or illness to cause you to face financial hardship. After all, you will have to seek medical attention for the condition, and you might be unable to continue working in the meantime. At this time, your income from your employer might drop significantly or even go away completely. However, you still need financial support as you work to recover.
That’s where disability insurance can come in handy. The policy will provide income replacement to assist you through the recovery period, and therefore can minimize your personal losses at a time when you will often find your bank account stretched tightly.
What are guaranteed issue disability policies?
A guaranteed issue disability policy is different from other disability plans in the sense that it is much easier to enroll in.
With standard issue disability policies, applicants often have to pass a medical examination to enroll. Those who have pre-existing conditions, chronic illnesses or an existing disability might not qualify for such benefits because of the high risk associated with covering them. A guaranteed issue policy eliminates the medical examination component of the application, ensuring that even those who are high-risk insureds can still receive this benefit.
Employers generally offer guaranteed issue plans because of the convenience to all employees. It’s relatively easy for any employee to enroll in coverage (regardless of whether they have any pre-existing conditions). Therefore, applicants can avoid the hassle of having to step through multiple hurdles just as they try to get an essential benefit. They also usually pay a substantially reduced rate for these benefits compared to what they would pay for a standard issue, personal plan.
If your employer offers guaranteed issue disability insurance, then this is an exceptional benefit to carry and a benefit that every eligible employee should enroll in. Speak to one of our agents to learn more about guarantee issue disability insurance. We offer competitively priced and expansive plan options that will always provide the security you deserve.