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Disability Insurance
 

 
 

Disability Insurance

If you have lost income due to an accident or illness, you can recover it buy taking out a disability insurance beforehand.

The basic things that you need to take care of before buying a disability insurance are listed below.

1) The insurance company's definition of disability. This is the fine print that needs to be read and thought about. Some companies define disability as the inability to do daily duties. Others define it as inability to continue working in your job. Some policies define disability in terms of your own occupation for an initial period of two or three years and then continue to pay benefits only if you are unable to perform any occupation.

2) Another important detail is the benefit period. Choose insurance's which provide monthly benefits. Also choose insurance's which provide these benefits until you are 65 years old. From here on the Social Security disability benefits will take over. Lifetime benefits are usually inexpensive.

There are many ways that income can be replaced, the methods are as follows,

1. Employer-paid disability insurance Most employers provide some short-term sick leave. Many larger employers provide long-term disability coverage as well, typically with benefits of up to 60 percent of salary lasting from five years to age 65, and in some cases extended for life.

2. Social Security disability benefits This can be paid to workers whose disability is expected to last at least 12 months and is so severe that no gainful employment can be performed.

3. Individual disability income insurance policies These are the insurance policies that you take out to protect yourself. Other limited replacement income is available for workers under some circumstances from workers compensation (if the injury or illness is job-related), auto insurance (if disability results from an auto accident).
 		    
 



 




 
 

 

 

 

 

 

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