Disability insurance

Disability insurance can save a family from financial ruin. It makes a huge difference because it hurts when a familys income in affected. With disability insurance, the loss of income is less noticeable.

Disability is for people who have an injury that prevents them from working. It provides steady income during recovery from illness or injury. Employers provide this insurance, but the amount may not provide sufficient income for the workers needs.

Some consumers believe hazardous jobs require disability insurance, and all others are fine without it. The truth is anyone can have a severe injury that requires rehabilitation and a lengthy absence from work. Some people are even at higher risk for injuries, and self-employed individuals may want coverage as well.

Most disability policies pay benefits on a regular basis, much like a paycheck. A policy generally supplies 45 to 65 percent of the persons gross income. However, consumers can find many different types of policies that may pay a variety of amounts. The policy is paid for with scheduled premiums like other insurance. Lapses in payment may produce cancellation of the coverage.

Long-term disability coverage often begins a few months after the injury. Coverage may continue for two years or longer. Short-term coverage begins a few days after the injury and continues for up to six months.
Disability coverage makes it easier for the policyholder to recover without worrying about money. Families are secure, and free of stress often caused by sudden living changes. With the coverage, the family probably will not even have to make many adjustments to their lives.