It stinks to think about being sick, out of work, and unable to move, but stuff happens. And this is exactly why you might want to think about getting disability insurance. What if a normal drive down the strip on a sunny day leaves you twisted up like a pretzel and in a wrecked VW Beetle that has to be cut apart? How are you going to pay for yourself and your family? Do you have enough money saved to pay your rent, utilities, and credit card bills for three or four months? What happens if you can't work for nine months or even a whole year? If that happened, would you still be able to pay your monthly bills?
Disability insurance is meant to replace a part of your income if you get sick or hurt and can't work. In the past, disability insurance benefits have covered between 45 and 65 percent of your gross income. This isn't always the case, though. It depends on your insurance company and the benefits you're entitled to under your policy. The policies that disability insurance companies make for their clients can be as different as night and day.
There are a lot of options and terms to think about when trying to choose the most important thing about the insurance company from which to buy disability insurance. You'll want to choose a disability insurance company that will be there for you if and when you need them. And make sure that each company tells you what they mean by "disabled" in their own way.
After doing research and deciding on an insurance company, ask for quotes on the different kinds of disability insurance. Short-term disability insurance and long-term disability insurance are the two main types of disability insurance. Short-term disability usually means that you are sick or hurt and can't work for up to six months. Long-term disability is coverage that starts after a year of being hurt or sick and unable to work.
Here are some things you should ask your disability insurance company:
- How much do the benefits cost?
- How long does the insurance coverage last?
- When does the insurance coverage for a disability start?
- How long does the insurance last?
How do claims get paid?
- , and can disability insurance coverage be renewed after it has already been used?
Disability insurance protection will take away the inability to pay bills that comes with being sick. Think of it as a way to protect your way of life, the way you're used to living.
