Often the forgotten risk, Disability Insurance may be as important, or in some cases, even more important than life insurance. At any given age, the odds of becoming disabled can be much higher than the odds of dying. Surveys have shown that up to 30% of all employed people will at one time or another experience some form of disability which causes them to need time from work, whether short term, long term or recurring.
One way to protect yourself from debt, were you to become disabled, is to take out Disability Insurance. The policy replaces a portion of your income if you become disabled and are unable to work. Disability insurance is a simple form of insurance that ensures you are covered for any time you need to take off work due to a disability. It allows you to focus on recovery and not pressures of bills and debts.
It is important for every employee, whether self-employed, working part-time or fully employed, to look into their disability coverage.
Short Term Disability Coverage vs. Long Term Disability Coverage
What’s the difference? Short Term Disability Coverage starts as soon as you are unable to work due to an illness, injury or birth of a child. Most employers provide some type of coverage, ranging from just a few days to as much as one year. In some cases, the number of weeks you are eligible for this benefits is based on the number of years you work for the company.
Short Term Disability Coverage is designed to pay you benefits sooner and for a shorter period of time. Long Term Disability Coverage pay benefits for a far longer period of time – for a few years, up to Age 65 or even a lifetime.
Most disabilities last only a short time allowing you to recover financially even without insurance. However, a long term disability can seriously threaten your financial standing if you do not have insurance.
One way to protect yourself from debt, were you to become disabled, is to take out Disability Insurance. The policy replaces a portion of your income if you become disabled and are unable to work. Disability insurance is a simple form of insurance that ensures you are covered for any time you need to take off work due to a disability. It allows you to focus on recovery and not pressures of bills and debts.
It is important for every employee, whether self-employed, working part-time or fully employed, to look into their disability coverage.
Short Term Disability Coverage vs. Long Term Disability Coverage
What’s the difference? Short Term Disability Coverage starts as soon as you are unable to work due to an illness, injury or birth of a child. Most employers provide some type of coverage, ranging from just a few days to as much as one year. In some cases, the number of weeks you are eligible for this benefits is based on the number of years you work for the company.
Short Term Disability Coverage is designed to pay you benefits sooner and for a shorter period of time. Long Term Disability Coverage pay benefits for a far longer period of time – for a few years, up to Age 65 or even a lifetime.
Most disabilities last only a short time allowing you to recover financially even without insurance. However, a long term disability can seriously threaten your financial standing if you do not have insurance.
Comments
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