| Most people take it for granted that they are able to | | | | so that you can make an informed decision when |
| awake each day and earn an income to support | | | | purchasing your insurance policy. |
| themselves and their family. The ability to be | | | | Types of disability insurance |
| independent in this regard is one of your most valuable | | | | Short-term disability is as it name implies. This policy |
| assets. Additionally, most people do not understand | | | | may pay benefits for two weeks up to two years. |
| that the chances of becoming disabled at some time | | | | Usually, your employer provides short-term disability |
| during their working career are higher than they would | | | | policies. |
| imagine. Hence, disability insurance is available to | | | | Long-term disability as it name implies, will provide |
| protect your assets. | | | | benefits for an extended period. Long-term disability |
| Disability insurance is insurance that is intended to | | | | insurance usually lasts about 5 years. This type of |
| replace your income if you should become sick, | | | | insurance will also expire when the person turns 65. |
| disabled, or hurt, and the illness or accident prevents | | | | Some employers will offer this type of insurance as |
| you from earning an income in your occupation. | | | | part of employee benefit package or will make it |
| Disability insurance will pay anywhere from 45% to | | | | available at a specific cost. |
| 60% of your gross income during your absence from | | | | The two main types of long-term disability insurance |
| work. | | | | policies are non-cancelable and guaranteed renewable. |
| It is important to note however, that not every policy is | | | | A non-cancelable and guaranteed renewable policy |
| the same. Carefully scrutinizing the details and | | | | means that the insurer cannot cancel or refuse to |
| comparison-shopping is necessary when shopping for | | | | renew your policy as long as the required premiums |
| disability insurance. The least expensive policy is not | | | | are paid on time. However, the significant differences |
| necessarily a good choice. The odds of being paid a | | | | between the two policies are that with a guaranteed |
| monthly benefit that will cover your cost of living while | | | | renewable policy the premiums can be raised, but only |
| you are disabled are not improbable if you have | | | | if it affects the entire class of policyholders. Under a |
| purchased a low-cost insurance policy. | | | | non-cancelable contract, the premium payment |
| The purpose of this article is to provide useful | | | | remains in effect as stated on the policy. |
| information about the features of disability insurance, | | | | |