You can’t prevent illness or injury, but you can be prepared if faced with a debilitating condition.
Disability insurance offers security and peace of mind if you become disabled, suffer an injury or experience an extended illness during your working career.
Individual disability insurance is a good way to cover income losses even with those who have some employer-paid coverage. Unlike employer-paid benefits, disability premiums paid to you are not taxed.
The Council for Disability Awareness cites that at least one out of every four workers will become disabled at some point during their working career. This disability can come from accidents or injuries on the job, as well as from other debilitating illnesses such as cancer or a heart attack.
Aside from employer-paid benefits, there are two other types of disability insurance: an individual disability income policy and Social Security disability benefits.
Social Security disability covers most workers after they reach a certain age, and is capped at a maximum monthly payment regardless of salary. Private disability insurance typically covers about 70 percent of a worker’s salary at any age when a disability arises.
Private disability insurance policies can be either short-term or long-term packages, and the costs vary by several factors like occupation, current health and lifestyle habits like alcohol or tobacco use.
Short-term policies have a waiting period of 0-14 days, with a maximum benefit period of no longer than two years.
The waiting period of long-term disability policies vary from several weeks to several months, with a maximum benefit period ranging from a few years to life.
Contact your local insurance agent at TW Group, Inc. to learn more about the different options you have, and give yourself a sense of security if the unexpected should happen.
May 5, 2017
Source: MySuburbanLife.com
Retrieved from: www.mysuburbanlife.com