Disability insurance is a type of policy that provides you with income if you become disabled and are unable to work. It replaces part of your lost income while you can’t work due to an illness or injury, so that you and your family can keep up with living expenses during this difficult time.
Details on Disability Coverage
Depending on the policy, disability insurance can offer long-term benefits, meaning it will provide income until retirement age, or it may be short-term coverage for as little as 6 months or as much as 2 years. The amount of time covered depends on the policy itself and what is purchased by the individual. Most policies also have a waiting period before benefits begin – typically 90 days – which means there needs to be proof of disability before payments commence.
Disability insurance also pays benefits in addition to any income you may receive from other sources, such as Social Security Disability Insurance or Workers’ Compensation. This means that if you qualify for those programs, disability insurance may be able to supplement what you’re already receiving in order to make ends meet.
When considering a disability insurance policy, it’s important to understand the type and amount of coverage provided so that your needs are taken care of in the event something happens. Be sure to read through the fine print and ask questions with your insurer about the specifics of their policies before making a purchase. That way, if you ever need to use it, know exactly what kind of coverage is available and how much you can expect to receive.
Professional Assistance with Disability Insurance
Overall, disability insurance is a valuable asset to have, as it can provide critical financial relief when an injury or illness prevents you from working and earning income. For assistance setting up disability insurance, our team is ready and waiting. Call or click on the quote button to contact our team and schedule your free consultation.
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