Life insurance provides financial support to a beneficiary after your death. By comparison, disability insurance helps you during your lifetime. Many people benefit from both forms. These types of protections often provide essential help in some of your most challenging times. But, getting the policies just right can be a challenge. How can you approach the process professionally?

When Should You Buy Disability Insurance?

Disability insurance is a type of policy you can buy at almost any time in your life. Most of the time, it helps during your working years. During this time, you may have dependents relying on your income. You have debts to pay each month. This coverage provides you with a monthly payment for a certain amount of time if you become ill or injured. You can use it for various everyday costs.

Various limits apply and the type of injury matters, however. So in some cases, you might not qualify for a disability claim. Many times, employers provide this insurance through their benefits package. If not, you can usually buy it from your insurance agent.

When Should You Buy Life Insurance?

Life insurance benefits many people no matter if they are working or not. This type of policy provides the person you name with a payment for the value of the policy at the time of your death. You choose the person to receive the funds. That person then can use the funds for any needs they have after your death.

Some policies have specific goals. For example, you may wish to leave behind funds to cover the cost of your funeral itself. Generally, you will have to make specific stipulations for these conditions, though. Ask your agent how to do so.

Why Purchase These Policies?

When someone dies unexpectedly, it can be difficult for the family to cope financially. Life insurance helps cover those instances in which your family needs support. They can use it for many needs. This includes to make payments on the mortgage. It could help pay for a child’s education. In some cases, it can be a source of backup support just in case there is a need.

Disability insurance, though different, also provides some level of protection for you and your family. If you cannot work, and your loved ones rely on your income, this policy offers a level of protection.

Investing in any policy like this takes a bit of consideration. Work closely with your agent to choose a policy right for your specific needs.