Is it worth it to take out disability coverage in life insurance?

When it comes to taking out life insurance, you can take out several coverage’s in addition to the main one, which is death from any cause. The next most important coverage is disability or disability coverage. Many people do not hire it because the insurance premium goes up a lot. The question is whether it is worth taking out disability coverage in life insurance.

Permanent disability pension from Social Security:

In order to receive the pension for absolute disability, the Social Security system must officially declare us in this situation and for this certain requirements must be met. This makes us ask ourselves if it is worth we engage in our life insurance the coverage disability, like any additional coverage can be expensive the final price of the same. But what are the conditions for Social Security to consider us beneficiaries of a permanent disability pension?

In the first place, in order to be declared beneficiaries of an absolute disability pension, we must suffer from an illness or be in a situation that makes it impossible for us to carry out any work activity, and that this is officially recognized by the Social Security system. The following is to comply with the age contemplated.

Who can collect the Social Security disability benefit?

If we are not affiliated with Social Security, in a situation of registration (when the disability is derived from a professional accident), assimilated to the registration (unemployment, leave of absence, temporary disability, etc.) or in a situation of non-registration, neither could we be beneficiaries of a disability pension. In the same way, we could not access it if we have not covered a minimum contribution period.

In relation to the minimum contribution period and depending on whether we are in a registered or similar situation, if we are under 31 years of age, the generic contribution period is required to be one third of the time elapsed between the date on which it was fulfilled. age 16 and the date on which the event that caused the disability occurred.

A generic contribution period of at least 5 years or a quarter of the time elapsed between the age of 20 and the date on which the event that caused the disability occurred is considered necessary. If, on the contrary, we are in a non-registration situation, we are required to have a generic contribution period of 15 years and a specific one of 3 in the last 10 years These are the requirements for which Social Security would grant us the pension for absolute disability and permanent.

Contract disability coverage in life insurance:

Regardless of whether we can access this benefit, we can say that it is worth hiring disability coverage in life insurance. In the first place, because not everyone will be able to request the Social Security benefit. Secondly, because the amount of the benefit is usually insufficient for all the expenses and financial problems that disability entails. And, thirdly, because the procedures take a long time. It is true that processing the collection of the absolute disability benefit with life insurance is also long, but not so long.

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