Protect your income with disability insurance
Nathan Jones is the financial support system of his family and works for a manufacturing unit. He knows that he has risks of being disabled and hence may not be able to work. His family will suffer immensely if he can’t earn. So he planned to buy his employer provided disability insurance to keep his income steady for the benefit of his family and himself.
None of us want to think about a time when we might become disabled. But, the truth is, an average American has high chances of being disabled from an accident or any illness that renders him/her unable to work and hence have no income. This may be for a temporary period or for long term.
If you are looking for a way to secure your income even when you cannot go to work due to a medical condition then disability insurance may be your answer. When you have a family that depends on your income, investing in disability insurance is a wise thing to do.
This coverage is meant for those individuals who are in a job that involves some kind of health risks that may render them unable to work and hence unable to earn. This may be due to any medical condition or even due to a job related accident.
Disability insurance may be obtained as
- Social Security Disability (SSDI)
- Employer Provided Disability
- Individual Disability Insurance
You may purchase disability coverage for:
- Short term or
- Long term
When can you start receiving benefits?
Usually short term disability insurance has a benefit period of a maximum of 2 years and you can start receiving the benefits only after a waiting period of 0 – 14 days. Whereas long term disability benefits have are available from a few years to the rest of your life. The waiting period in such case could range from several weeks to several months.
Is there a federal program?
For those who are looking for a federal program you may opt for Social Security Disability Insurance coverage. Workers with a disability diagnosed to last at least 12 months and that does not allow them proper income can benefit from SSDI.
You may shop for a good this insurance coverage and compare quotes from different companies. Many a times employer provided insurance policies are worth the money because they often offer discounts. You may opt for insurance that has a longer waiting period. This way you can reduce your premiums.
What if you are only partially disabled?
There are also options for partial coverage. If you are partially disabled, you can opt for partial coverage benefits.
Be it partial or full disability, this insurance coverage sure is a safety net for those who are unable to generate an income. You may have family members depending on your income and disability insurance comes as a relief when you are unable to go to work and yet have to provide for your family’s needs.
Juanita Martinez is associated with the AmPmInsure Community and has been offering her suggestion on insurance to the community since 2007. Besides this, she has also written contributory articles for various financial sites. Few of her articles would include names like ‘Ho3 Policy: An open peril insurance’, ‘Insurance for fire damages’ and ‘Buying life insurance on someone without their consent’.
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