Disability Insurance
We all know how important health insurance is, but do you know that disability insurance is just as important? If you are injured at work, and cannot work, disability insurance will give you peace of mind - you can still meet your family's needs. Even though we want to think that we always work safely, accidents can occur and you must be sure that you have all the corners covered in the event of an accident. If you fall sick or injured at work and as a result you cannot return to work, there are several options that will replace lost income. These types of disability insurance will not completely replace your income because they want you to get an incentive to go back to work as soon as you recover.
Social Security benefits are paid to you when your disability is expected to last at least 12 months. Most of this time is when no profitable work can happen and you must still not work during your entire leave. Disabilities paid by employers are needed by almost every state in the United States. This type of disability insurance is deducted from your salary, and is there for you in the event of an accident. When you look at disability insurance policies, it's important to understand what they mean. Although the two policies available are for people with disabilities, both include a different amount of time for you, and when you will begin to receive your compensation.
Short-term disability policies mean that you will be covered no more than 2 years. With this policy, you may have to wait up to 14 days before starting to receive compensation. Long-term disability policies are a little different. Disability compensation will not be valid for several weeks, sometimes several months. However, long-term disability will protect you for a longer period of time, and sometimes for the rest of your life.
Along with having two types of insurance policies, there are also two different protection features. Protection is offered to you to ensure that you will not be treated unfairly because of your inability to work. Irrevocable means that without reason other than not paying your premium, your policy can be canceled. With this type of policy you will lock your premiums and will not risk decreasing benefits. On the other hand, guaranteed renewable policies mean that the same benefits will be available every year. The only way your premium will be increased is if each policyholder in the same rank class with yourself also increases.
Although there are many choices when choosing disability insurance, this is the most popular choice. It is important to discuss all the options available when choosing a disability insurance policy to ensure you know what you will receive in the event of an accident or illness. Research your choices to find the best choices for you and your family.
