Disability benefits are the monthly payments that specially-abled people can receive. These payments compensate individuals whose disability stops or limits their ability to work. To get them, individuals over 50 have to prove that they can no longer do the type of work they did in the past, while those below that age must verify how their disability prevents them from working for a living. Here are some key details: Key documents needed for the benefits application The verification authorities that approve or reject applications need a host of documents to prove individuals’ credibility when they seek disability benefits. Some of the documents needed for the verification process are listed below: Proof of citizenship or lawful alien status for individuals not born in the country. Birth certificate or other proof of birth. Individuals who served in the military before 1968 must show their US military discharge paper(s). W-2 form/s and other documents that show self-employment tax returns for last year. Medical evidence includes medical records, doctors’ reports, and recent test/scan results indicating disability. An adult disability report that publishes all details about the applicant’s injuries, illnesses, or conditions, as well as their past work records. Applicants’ pay stubs, award letters, settlement agreements, or other proof of permanent or temporary workers’ compensation-type benefits.

Life is unpredictable, which is why, many choose to get life insurance that can offer them and their loved ones financial security. Here there are mainly two options, opting for a fixed term insurance policy (term life insurance) or lifetime coverage (whole life insurance). The latter is more expensive but offers lifelong coverage, offering some peace of mind to policyholders. But it may not be the best option for everyone for a few reasons. 1. Lack of transparency One of the primary issues with whole life insurance is that it is often sold inappropriately and made to sound too good to be true. Agents and insurance providers may not share details regarding certain costs, like commission to the salesman, administrative costs, and the actual cost of the insurance. If such hidden costs are revealed beforehand, the terms may be unclear. As this is already an expensive policy, the hidden details can make one regret the decision later. 2. Unnecessary coverage Whole life insurance is often worth less than it costs. The death benefit it offers is also lower than term insurance. Also, whole life insurance might be unnecessary specifically for certain people, like single policyholders. Here, nobody depends on the income of the policyholders, so they do not need to buy insurance for a death benefit.

Term insurance can protect one’s loved ones in case of the insured’s demise.  But  whole life insurance policies cover the policyholder’s life and are the best way to get money back even during the insured’s survival.  A whole life insurance plan comes with a premium-return benefit and helps build cash value. It is permanent life insurance, wherein one does not have to worry about the coverage expiring as long as premiums are paid on time.  Top reasons whole life insurance is the right choice Protects the insured’s family Like traditional life insurance policies, whole life insurance provides death benefit protection. So, it will keep the insured’s family secure even in case of the insured’s demise. Since whole life insurance fully protects one with their first premium payment, it can be an excellent medium to leverage one’s money. Returns premiums paid on survival In term life insurance, the policyholder bears the cost of offering a secure financial future to their family. But, if the insured survives after the policy term expires, the premium becomes a sunk cost. While the premium amount one bears is nominal, it’s better to recover all the money paid upon surviving the policy term. So, if that’s what one seeks, whole life insurance is the right choice for them.

Whole life insurance is a type of permanent life insurance. It offers lifelong coverage and several guarantees, which appeal to many. Beneficiaries can claim the death benefit after the policyholder’s passing if the premiums are paid on time and all the plan’s guidelines are followed. One can also receive dividends and access unique features like cash value accumulation. That’s why people shopping for life insurance should consider a whole life insurance policy. Lesser-known features of whole life insurance Whole life insurance plans have been around for a while, so many are familiar with their benefits. For example, people know they offer coverage for the rest of their lives and that their loved ones will receive a guaranteed death benefit when it is time. But that’s not everything. Whole life insurance also has other features that still need to be explored. For instance, some do not know they can tap into it even while alive. And being unaware, they tend to overlook whole life insurance, losing out on a great investment opportunity. Dependable death benefit that can be used for anything If someone is the sole breadwinner, it is understandable for them to put their loved ones’ financial well-being first. Whole life insurance can help people materialize this goal.

One of the biggest lapses you can make as a car owner is not getting car insurance. However, it is important to avoid buying the first insurance policy you find. As purchasing a car is a huge decision, you should avoid leaving it unprotected, and getting auto insurance also helps you avoid hefty fines. Before getting the car insured, you should do your research, find the best provider, and avoid the following mistakes.  Not comparing policies You should get quotes for multiple auto insurance policies offered by various providers. If you don’t compare the premium amount and coverage, you might end up getting an expensive policy with inadequate coverage. So, exploring all options is a crucial measure for getting a good deal. It is also important to analyze the benefits and costs and avoid making a decision until you have checked out multiple policies. Not updating the policy One of the most common mistakes car owners make is forgetting to update their auto insurance policy. For instance, if you don’t add your teenage driver to the policy and if your child continues to drive the car, you might have to face legal consequences in the form of penalties or trouble seeking insurance money.

Medicare is a federal health insurance program for people who are 65 or older. It is also meant for individuals with disabilities or end-stage renal disease. So registering for the program could help cover various healthcare costs if and when required. However, one could overlook key details when signing up for Medicare, and the amount they pay may exceed the benefits. So, here are a few common Medicare mistakes to avoid during enrollment: Not signing up on time Delaying signing up for Medicare can slow down the entire process. When approaching age 65, one should enroll during the initial enrollment period (IEP). The seven-month enrollment timeframe includes three months before one turns 65 and three months after. If one does not sign up during the IEP, they will get another opportunity to do so during Medicare’s annual general enrollment period (January 1 to March 31 each year). But given the late registration, the monthly premium for Medicare Part B, which covers doctor visits and other outpatient services, may cost more. So, those who sign up during the general enrollment period may incur a late fee. Not considering out-of-pocket costs Although Medicare usually covers a large portion of healthcare costs for those enrolled in the program, there are certain expenses that one might have to cover themselves.

An unexpected accident or a sudden illness can restrict one’s ability to work and earn. If a person has disability insurance, it will help them cover a portion of their income, meet expenses like tuition, mortgage, rent, groceries, and utility bills, and run their household without disruption. While employers usually provide disability cover, one can  also  buy a plan from the government, a private insurance company, or a registered insurance broker. Important things about disability insurance Disability insurance, also called disability income insurance, is a vast subject. One has to spend considerable time understanding the different types of plans, eligibility, disabilities covered, benefits, premiums, and claims. Purpose of disability insurance Disability insurance provides a monthly income to a working person who loses a job due to illness, disability, or injury. It helps them pay recurring monthly expenses like groceries, utility bills, mortgage or rent payments, and tuition fees. It also protects the insured and their dependents from any displacement in the event of an injury or illness. Need for disability  insurance This type of insurance is handy for primary or sole breadwinners and people supporting minors. It is also useful for those working in tough jobs requiring manual labor or jobs with a higher risk of injury or accidents.

Owning a boat can be an exciting experience. Whatever the reason for buying a boat—adventure, transportation, or leisure—a lot of thought and consideration need to go into the decision. After all, a boat can be quite expensive and prone to risks. So, first-time boat buyers need to do their research to choose the right boat and also maintain it. They also need to choose the right insurance policy to minimize the risks of boat ownership. 1. Assuming existing insurance will suffice Most homeowners’ and renters’ insurance policies offer some coverage for boats. But, the coverage has many limitations. For instance, a home insurance policy offers coverage of around $1,500 for damages to a boat. Apart from this, some policies offer liability coverage, but only if the boat meets specific criteria. For example, the boat must be under 26 feet long, and the motor must be under 75 horsepower. So, if any other boat is destroyed or damaged, one will not be able to fully recover the entire cost of the boat. Besides, most home and renters’ insurance policies do not offer coverage for certain kinds of damage, such as sinking, collision, and disablement. Also, these policies will have higher deductibles compared to dedicated boat insurance.