At any point in your life, you stand more chances of being disabled for a short or a long term than dying. If you cannot perform your regular occupation owing to a physical or mental condition, then you suffer from a disability. Such disabilities always lead to draining of precious savings and financial resources. Most individuals are helpless without a regular income. Thus it is very important that you have a disability insurance policy in place if you are currently surviving on an income from a job.
In case you are unable to work owing to a disability, and if you are eligible, disability insurance pays a part of your wages or salary. Disability insurance assumes equal or greater importance than life insurance. Only a few employers offer disability insurance in the form of group plans. Otherwise individual disability insurance plans can be purchased. Whereas passive income of any individual does not qualify for application, he/she can apply for a maximum of 60% of his/her earned income before taxes as disability insurance.
A short term disability insurance policy pays if you become temporarily disabled. The benefits extend to a maximum period of two years and such a policy usually covers 40 to 65% of the pre-disability base salary. The benefits start coming in after paid sick leave days are exhausted.
A long term disability insurance policy assumes relevance only after the benefits of the short term disability policy are exhausted. A portion of the salary keeps coming in under the benefits of the long term disability insurance. Most long term disability insurance policy benefits are indexed to inflation.
If you have decided to purchase disability insurance, it is a good idea to get disability insurance quotes from different insurance companies. These quotes can be got directly from insurance providers. They can also be got online. The procedure involves filling up details in a quote request form and submitting it online.
Some websites feature extensive details from many insurance companies on their disability insurance policies. You can choose a plan that best suits your requirements and budget from among many quotes.
Disability insurance quotes are differently priced and depend on factors such as the benefits offered, applicant’s occupation, state and county of residence, etc. It is also wise to calculate the amount of disability insurance that is required before you apply for the quote. You can avoid paying for more cover than you require. Disability insurance policies that pay larger amounts for longer periods of the disability are costlier.
Thus you experience less financial strain with a disability insurance policy in place if you suffer an unexpected short term or longer term disability.
Paoli Symmons often writes about disability insurance
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