If you get hurt or sick and can't work, disability insurance can help you get the money you need. Not being able to work because you are hurt shouldn't be a punishment. Find out how disability insurance can help you when you need it most.
What is Insurance for the Disabled?
"The largest of the Federal programmes that help people with disabilities are the Social Security and Supplemental Security Income disability programmes. Even though these two programmes are different in many ways, they are both run by the Social Security Administration. To get benefits from either programme, you must have a disability and meet certain medical requirements."
- Website for Social Security, June 2006
The Social Security office will want to look at your medical history to make sure you qualify for disability benefits. You can get disability benefits from the Social Security office, but most of the time, these benefits won't be enough for a family.
You can get disability insurance from a number of different insurance companies. If you get hurt and can't work, this insurance will protect you financially. Your disability insurance policy will pay you a portion of your gross income. This money will make sure you can pay your bills.
You don't have to go through the Social Security Office to get a disability insurance policy or to get the benefits from it. The Social Security programme for disabled people has nothing to do with any disability insurance you might buy.
"Personal disability insurance is a very simple idea. It's an insurance product that's meant to replace 45–60% of your gross income tax-free if you get sick and can't work at your job. Since every disability insurance policy from every insurance company is different, you can't just shop around for the best price. It's a waste of money to buy the cheapest disability insurance policy on the market. If you have a cheap contract, your chances of getting a monthly benefit may be much lower than if you have a good contract."
- Website about disability insurance, June 2006
Different kinds of disability insurance
Most people know that there are two kinds of disability insurance: short-term and long-term. Many employers offer short-term disability insurance as part of their benefits package. This insurance usually gives you money when you first get sick or hurt. Short-term disability insurance usually covers you for a few weeks and never for longer than two years.
Long-term disability, on the other hand, can last for a number of years. Disability insurance policies like these may be part of a benefits package that comes with a job, but many people buy them on their own.
But there are still more plans to learn about when it comes to disability insurance. Own-Occupation Disability Insurance is one kind of insurance. This policy's definition says:
"If you are unable to do the "material and substantial duties" of your regular job, the insurance company will consider your job to be the job you are doing at the time you become disabled. They will pay your claim even if you are working in a different job at the time you become disabled.
Income Replacement Insurance is another type of insurance for people who can't work. This type of disability insurance is one of the most common, and most insurance agents are familiar with it. This type of disability insurance is written as follows:
"Because of illness or injury, you can't do the important and important parts of your job, and you're not doing anything else."
Gainful Occupation Coverage is another type of disability insurance that is often included in employee benefits packages. The words used here are very carefully chosen:
"Because of illness or injury, you can't do the important tasks of your job or any other job for which you are reasonably qualified based on your education, training, or work experience."
