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Disability Insurance, What Is This?
Disability Insurance is income that you can receive if you are injured or sick and are unable to work for a certain amount of time. The disability income is paid on a biweekly or monthly basis. There is usually a waiting period of approximately two to three weeks before the disability benefits will start. Should I consider getting additional disability coverage? Yes. This will provide an income for you if your are unable to work due to an injury or illness. This coverage will be in addition to what your employer may provide if you are eligible. What type of disability coverages are there? Short and long term coverage. If you are employed there is usually a group policy that your employer has for up to one year. This coverage will normally start when you have used all of your sick time. Long term disability coverage will usually pay up until you reach age 65. This will depend on the type of disability coverage your employer has or if you have purchased your own separate disability policy.
How much disability coverage should I carry if I am unable to work? Your disability benefits are limited to approximately 60-75% of your income. The amount you will pay for your disability policy, will depend on your age, occupation and other factors which your prospective disability insurance carrier may request. Some carriers may have you take a physical examination as part of their requirement to apply for this insurance.
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