Why
Disability Insurance?
Even with benefits such as Workers Compensation and Social
Security, individual disability insurance benefits are still important. A
disability financially can be worse than death, since living expenses
continue and may increase due to a need for expensive specialized
care. Many people also purchase disability insurance to help ensure a
continuous income should they suffer disabilities that are not covered
by Social Security.
Individual disability insurance coverage pay a percentage of your
salary if you become temporarily disabled, meaning that you are not
able to work due to sickness or injury (excluding on-the-job injuries,
which are covered by workers compensation insurance).
Disability Insurance Coverage Features
Disability insurance policies have a fixed monthly benefit that does
not increase with time, although you can purchase extra coverage,
or riders, that offer higher payment schedules.
Disability types include:
Own Occupation - the inability to perform the duties of your
specific occupation or
Any Occupation - the inability to perform
the duties of any job for which your education and training make
you qualified.
You can choose the length of the waiting period on your disability
insurance policy. Waiting periods can range from one week to two
years and the longer you wait the less your disability insurance
policy will cost.
You also can choose the length of the benefit period, which is how
long you will receive monthly benefits once your disability insurance
policy starts paying.
