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Securing Your Future With Disability InsuranceThere may be a time in life when you may not be able to work due to illness or some other medical condition, whether temporarily or permanently. Such a condition may result in a loss of income during that period. While the state does provide compensation at such times through social security programs, many insurance companies too offer insurance against loss of income during the disability period. Although nearly all insurance companies offer disability insurance, the terms may differ according to each company’s policies. Since insurance companies are in business, they keep their business interests foremost. Hence, it is advisable to understand the implications of the terms before buying disability insurance. The terms and conditions laid out in the policy document should be studied carefully, and any ambiguities should be clarified with the insurance broker. Disability is defined as a medical condition that prevents working in an occupation which a person has ’enjoyed or has become accustomed to’. When you buy a disability insurance policy, make sure that the terms of the policy articulates an express statement about this. This is important, because under the terms of many companies, disability is a condition that prevents you from being gainfully employed in ‘any’ occupation. The implication of this being, that even though you may be unable to work in the occupation you were engaged in just before being disabled, but are able to work elsewhere, you would not be entitled to receive the disability benefit. Therefore, in order to enable you to receive the disability benefit when you are unable to pursue the job in which you are skilled, the terms should state that entitlement shall accrue when you are unable to pursue your ‘own occupation’. Then, check the elimination or the waiting period, which denotes the time between the beginning of the disability, and the first payment under the policy. You can opt for an elimination period of 30, 60, 90,180, 360 or 720 days. Your choice would govern the amount of the premium. A shorter elimination period would attract a higher premium. Finally, check the benefit period, which is the duration for which the benefit is payable. This can be a 2 to 5 year period, depending on the type of policy. Some companies have policies that cover payments of up to 65 years of age. Longer benefit periods have higher premiums. Disability has been divided into two categories: the first being short-term disability, and the other long-term disability. Illness, physical injury or pregnancy is covered under the short-term disability. However, no benefits are payable under this category, if the policyholder is qualified for workers’ compensation. Besides, the period of disability without medical supervision is also excluded. This category of coverage elapses after 180 days. Any disability beyond 180 days comes under the long-term category. The coverage starts from the 181st day of the disability, and the benefits are payable up to regular retirement age, based on the date of birth. A disability insurance policy can be purchased to pay monthly payments from $300 to $5000, subject to a maximum of one third of the gross monthly salary.
By Joseph Kenny (http://www.selectloans.co.uk)
Read Others Related Articles on Renters Insurance Yes - You Do Need A Disability Insurance
People are often unsure whether or not they actually need disability insurance. This is a decisional problem. Considering the fact that with all those bills to be paid every month, one is often not ready to get another sum on one's head. We all go for spending only when we feel that the thing is actually needed. No doubt, the insurance comes in as a saving grace when the going gets tough in times of injury and illness, but we still have the question- is it really important? Yes, it is. It is important for nearly everyone because misfortune does not have a merit list to follow. It can fall on anyone, anytime. There is no logic to it and the weatherman can't predict the hail. So, be prepared. If you still need reasons, here are few: 1.Ask yourself if you could get seriously sick. No matter how good a shape you are in currently. There is always a chance of your getting serious sick without any initial warnings, medical or divine. So, on that count nearly everyone's case tests positive. 2.Can I suffer and accidental injury? Nearly everyone can. Even if you do not go out, and do not drive at a breakneck speed, there is still a chance of an unforeseen injury. How? Well, haven't you heard of slipping-in-the-bathroom stories? If you have, there is a good chance that some of them were true and not just excuses for escaping a lunch commitment or a day's office work. However, if you work in an industry that employs heavy machinery or makes it, your chances of accidental injury are particularly higher. And this necessitates disability insurance for you. 3.Another important question is if you can afford to self-finance your medical bills and recovery. Some can, most can't. There may be many of us who are relatively well off and can deal with it pretty much. However, there is no way one could gauge as to how serious will be ailment or injury and how much money would it require for treatment. An additional safety net means additional security. What's the harm in it? Therefore, nearly every one of us, irrespective of one's financial standing, needs an additional coverage. It is just an additional assurance that no matter how rough the weather is, there is sufficient resources tucked away to live on. This makes one live more fully, more freely and with greater freedom. So, once you get a disability insurance policy for yourself, you can take a deep breath of peace. Isn’t that wonderful?
By Joann Grant (www.about-disability.com)
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