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What To Know About Disability Insurance

By Marilyn Katz

Republish: EasyPublish™
Published: 08Nov2011
Word count: 561
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In the US, we have a lot of concerns about the number of people who do not have a good major medical insurance plan. I am sure that even more people lack any sort of disability insurance. Medical policies are meant to pay people who provide medical services. But disability insurance actually provides income for people who cannot work because of a sickness or injury. This is an important topic too.

If you got sick or injured, and could not make it to work, how long would you get paid? Some people do have sick leave, but the days are usually limited. If you run your own business, or are self employed, you may not get paid at all if you cannot perform your business duties. Would losing your income mean that you could not keep your bills current? If so, you may want to consider the benefits of good disability policies.

You should also know that there are different kinds of policies. You will need to educate yourself about the plans, and then try to select one that will help you in your present situation.

Short term disability insurance (STD) is usually meant to provide income for a few weeks to a few months. These policies will have shorter waiting periods too. For example, let us say you have ten days of sick leave your job will pay. You may want to purchase your policy so it has a 2 week waiting period. That way, if you are out of work for a few weeks, and you run out of sick leave, you can still collect some income.

Long term disability insurance (LTD) usually has a longer payment term, and it may also have a longer waiting period. Here is an example. Let us say that you have 10 sick days, and then you have an STD that will make payments for an additional 90 days. You may want to purchase a LTD that starts paying after 100 days. That way you can be sure you have money coming in, even if you are out of work for a long time!

How long will these policies pay you? Normall, an STD will pay out for a few weeks to a few months. LTD policies may make payments for several months to several years. Some even pay out until normal retirement age.You will usually get to choose from a variety of waiting periods and payment terms.

How much will these policies cost you? Your rates will vary depending upon a few things. The place you purchase the policy, your age, current health, and employment situation can all be factors that will affect your final price. You may be able to purchase a policy at your job, and you can also find these policies on the private market. Some people add a disability rider to their life insurance policies too!

Should you consider disability insurance? If you would have real financial problems if you could not work, because of an illness or injury, you may want to consider looking into the benefits of these plans. You should consider your own budget, needs, and situation in order to make a good decision to protect yourself and your family.

Do you understand disability insurance. Consider the features and benefits of long term disability insurance and short term disability insurance so you can make a good choice for your family.

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