What is Disability Insurance?
In the United States today, there are more people living pay check to pay check than there are those who have savings or any type of emergency fund on which they could depend if they needed to. Life is unpredictable and at any time something could happen at home or at work or you could become ill, jeopardizing your ability to earn a living. If you’re living pay check to pay check, these types of scenarios can quickly cripple a household. What would you do if you were unable to earn your weekly pay check?
For those who want to protect themselves in situations where they have to take some amount of time off from work, disability insurance could be their answer. What does disability insurance cover? Basically, this type of insurance policy will cover an individual if and when they are unable to work because of an accident or illness. For most of these types of policies, ‘short-term’ refers to anywhere from 13 weeks to as much as two years taken off from work.
We can assist you in finding a free disability insurance quote that you can actually afford. Your occupation and health will have a lot to do with the cost of a disability policy.
The way the policy works is the insured will receive a percentage of the amount of money they would have earned had they been working. This percentage can range anywhere from 50 to 60 per cent. The types of conditions that can be used in a short-term disability insurance claim will vary depending on the insurance provider, but even maternity cases are covered by most companies.
You may not think that short-term disability coverage is something that you need, but accidents and illnesses that cause people to take time off from work are more common than you might think. In fact, on average, three out of every 10 Americans will become disabled in some way, for some length of time, at some point before they retire. When these types of plans are so affordable, it’s worth considering this insurance coverage.
Those interested in purchasing this type of insurance coverage can likely do so through their workplace or by contacting an insurance broker. For a relatively affordable price, you could ensure you have the financial protection you need should you find yourself in a position where you’re unable to work.