Anyone can become disabled at any time. Many people take their bodies and health for granted, but anyone can have a serious accident or get hurt. If you become disabled, for a short time or for good, how will you deal?
Disability insurance is a type of health insurance that will give the policyholder money if they become disabled and can't work anymore. Do you know what you or your family would do to make money if this happened to you?
If you are 40 years old, you are more likely to become disabled and unable to work for 90 days or more than you are to die before you turn 65. There are usually three ways to protect yourself against this risk.
Insurance for the employer
The first way is to get insurance through your job. In many states, the law says that you must do this. It can be short-term or long-term paid sick time. Even better terms can be offered by bigger employers. For instance, a typical policy might give you 60% of your salary for five years, or maybe even until you retire. Even though not everyone gets to work for a company like this, it is still a good idea to ask your boss what kind of protection you have and if it is something you want to pay for yourself.
Long Term Disability
Social security and disability benefits are the second most common way to protect against this type of risk. This usually only applies to employees who have been sick or hurt for a year or more. It must also be shown that the problem is so bad that you can't work. So, there are some holes in this plan that you might feel more comfortable filling with private insurance.
Individual Policies
Getting an individual disability insurance policy is the third way to deal with this risk. This means you have to get your own insurance policy. You should shop around to find the best deal, but at least you will know when you are covered and what the policy covers.
There are some other ways to stay safe. Worker's compensation policies may help pay for your medical bills if the injury happened at work. If you got hurt in a car accident, your auto insurance may cover it, and the Department of Veteran's Affairs can tell you what to do if you think the disability is related to your time in the military.
