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Disability Insurance

The Importance of Disability Insurance

Disability insurance is designed to protect and sustain income should a policyholder become critically ill or injured and, as a result, be unable to work for a certain length of time. It includes coverage for injury to any part of your body, including such critical components as eyesight, limbs, hands, hearing and even for mental illness.

Who Benefits

Just about everyone can benefit from this kind of protection because anyone can be injured or fall sick at any time, which can make one unable to perform his or her employment duties. This kind of coverage is often provided to owners of their own businesses, the self-employed, employees and even those who presently are unemployed.

How It Functions

Payout levels will vary depending on the choices of coverage, with each policy renewable annually. Should one become sick or hurt and as a result, be unable to work, then the policyholder simply files a claim for financial compensation from the insurance provider. The extended payouts will continue until they are once again ready to resume normal work duties.

Kinds of Coverage

There are generally two kinds of disability insurance policies: Short-Term Disability (STD) and Long-Term Disability (LTD). STD policies usually have waiting periods of 14 days, with a maximum period of benefit payout of no longer than two years. LTD policies will normally have a waiting period of a few weeks up to several months and the maximum benefit period for this type of coverage will generally range from three years up to remainder of one’s lifetime.

Big Benefits

Life is uncertain. We never know what may happen. Having disability insurance will ensure that you and your family are protected, come what may.