No disability insurance coverage? Have you considered a runner?

Disability insurance is a key element of the financial plan of an individual, and provides valuable coverage to guard against the risk of losing their income due to illness or injury.

Since a long-term disability can ruin the financial health of a person, it would be logical that everyone has coverage. However, less than a third of workers in the private sector have a long-term disability insurance through work, according to the US Department of Labor.

While those who do not have it through work (or enough of it) should be covering the risk of an individual disability insurance policy they buy themselves, many are disabled by the high price tag that often comes with it. Consequently, they put themselves in a dangerous position which could have serious financial consequences for them and their families.

There are alternatives to get coverage that do not involve buying an individual disability insurance policy. Disability income "rider" is an approach you can take to guard against the possibility of incurring a financial tragedy. These drivers are usually sold as an attachment to an individual life insurance plan.

Obtaining a life insurance policy with a disability rider is quite simple. First, since not all life insurance plans offer this feature, you'll need to find a company that does. After application of the cover, the process of life insurance underwriting is generally used as a starting point to determine whether or not you are eligible for additional disability insurance. In addition to life insurance issues, the company can get back to you with additional questions to screen you for the disability rider as well.

After the underwriting process is complete, you are usually either approved or denied coverage because there is usually no type of rating scale as it is with traditional life insurance . disability insurance riders are generally attractive because of the fact that they are cheaper than most individual disability policies. In addition, the insured can kill two birds with one stone instead of having two separate policies with different billing cycles

But please keep in mind this important fact :. The coverage of disability driver tends to be much more limited than it would be if you were to buy an individual disability insurance policy. Most life insurance companies that have these runners do offer benefits up to $ 3,000 per month, and coverage only lasts 2-3 years. Therefore, this type of policy is usually a great resource for disability insurance if you have not, but really does not protect against a prolonged disability situation.

William Rowan is the founder of eTermLifeInsurance .net, a website oriented term consumer education for life insurance and comparison. His only goal is for consumers to find the best life insurance policy for their individual situation .