| Often referred to as disability income insurance, | | | | Disability Insurance Costs |
| disability insurance is a type of insurance policy that | | | | Policies for disability insurance can vary among |
| insures that a person receives long term financial | | | | providers so it is important to obtain a number of |
| benefits in the event of an accident that leads to an | | | | quotes from different providers. You should know |
| inability to work or function, or if a person becomes | | | | what is included in your policy before you make the |
| afflicted with an illness, leaving them unable to work. | | | | purchase. Cheap policies may not be the best policies. |
| Disability insurance benefits can be disbursed either as | | | | Because you may not be covered for certain incidents |
| a short-term disability, long-term disability, and paid sick | | | | that may result in an injury, or debilitating illness, it is |
| leave. | | | | important to read your policy carefully. |
| The purpose of disability insurance is to replace the | | | | How are private disability policies different from |
| lost income from your work income if you were to | | | | Workers Compensation? |
| suddenly become disabled. The policy that one | | | | With worker's comp, you are only covered if you are |
| purchases will contain an outline of the conditions of | | | | disabled due to a workplace injury or illness. With |
| which one is eligible to receive disability benefits. That | | | | private disability insurance, you choose the benefit level, |
| is, there will be an explanation within the policy about | | | | buy the policy yourself, and then pay the premiums. |
| what constitutes a disability. Normally, one has to be on | | | | The policy does not depend on staying with your |
| leave from work for a specified time period before | | | | current place of employment. It is also not limited to |
| they can begin to receive disability benefits. The policy | | | | work related disabilities |
| will define the amount of the payments and the length | | | | Who should purchase disability insurance? |
| of the coverage. The payments will continue for the | | | | Anyone who is employed should have disability income |
| length of the disability, or until the time limit that was set | | | | insurance. It is important to check to see if you have |
| by the insurer has expired. | | | | group disability, Social Security Disability, workers |
| A disability policy premium that one pays is determined | | | | compensation, in order to find out how much you are |
| by a number of factors that are devised by the | | | | covered for. It may not be enough to sustain you if |
| insurance company. This can include risk factors | | | | you are disabled. You should make sure that you will |
| associated with the type of work that one is involved | | | | not find yourself in a financial crisis if you are suddenly |
| in. For instance, a person working in a high risk job such | | | | disabled. Your family may need to depend on the |
| as explosive demolition of buildings will usually pay a | | | | income to maintain their lifestyle. |
| higher premium than a receptionist. Disability benefits | | | | Whether you are single, married with a family, young, |
| are designed to replace lost income so you can use | | | | or old, you never know when a tragic event may |
| the payments for your own personal needs. Insurance | | | | occur leaving you unable to earn an income. The right |
| companies will not allow you to have disability | | | | disability insurance will give you peace of mind knowing |
| coverage for more than about 60 percent or 70 | | | | that you are protected. |
| percent of your normal taxable income | | | | |