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May 19

Five Disability Insurance Facts You Need to Know When Choosing the Right Policy

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People and businesses get insurance for many different reasons, from life, health, inventory, vehicles, and liability, to mention a few. What happens when a person gets ill or injured, keeping them away from work for a very long time? To help understand your insurance benefits, you could visit HelpAdvisor.com to help you think over insurance decisions.

Getting disability insurance is a good idea to replace the potentially lost income resulting from a catastrophic illness or injury for more than 90 days. The insurance generally covers 60% of your salary until you reach the agreed retirement age of at least 65 years old. However, here are a few things to consider when shopping for a disability insurance policy.

 

Disability Stats

Over the years, statistics have shown that at least one in four 20-year-olds will face some form of disability before they reach their retirement. Common disabilities such as heart disease, cancer, back injuries, and many serious illnesses contribute to these stats. On average, a chronic disability has the potential to keep you from work for at least three years without a consistent paycheck, which could cause serious financial difficulties for many.

 

Disability Insurance Benefits

No one living with a disability ever woke up and decided they want to be disabled; however, many wish they had taken disability insurance. One of the best benefits of having disability insurance is that it offers 60% of your previous salary, which you can spend as you please. Compared to health insurance, which pays a fraction of your medical bills, disability insurance allows you to pay your credit cards, rent, mortgage, or your daily expenses; it is totally up to you.

 

Disability Insurance for All

Disability insurance is not catered to a particular income bracket. Instead, it aims to cover anyone responsible for paying bills, living expenses, housing, and food, while depending on their income. To top it all off, having an injury or illness may result in hospitalization, with unforeseen expenses and medical bills to pay. Married with children, or single with none, there is numerous disability cover to suit your best needs.

 

Personalized Insurance Plan

Many companies offer their employees disability policies, and employees should take full advantage of the benefits that come with their policy. With no qualifying medical questions or background checks, employees get insurance cover. However, a company-issued policy is standard, and should you upgrade your policy, you may be required to purchase one in your capacity. Getting a personal disability cover will open you to medical tests that determine your premium payments, and you can take the policy with you should you desire to move.

 

Types of Disability Insurance

Disability policies are split into two types, Long-term disability, and short-term disability insurance. No matter how long your disability keeps you away from work, it is usually best to have both types to ensure that you are covered. With a 24-month payout, the short-term disability policy generally has a 14 days waiting period. However, the long-term policy could benefit you for the rest of your life, with a waiting period of a few months.

 

 

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