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Disability Insurance
Types of Disability Insurance
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[QUOTE="Edulet, post: 168967, member: 604"] [LEFT][IMG align="right" width="305px" alt="Types of Disability Insurance"]https://i.imgur.com/v4F5XLD.jpg[/IMG][/LEFT]When deciding whether or not to purchase disability insurance, it's good to know a few key facts. First of all, the wrong policy is an effective defense against financial disruption to your lifestyle. But finding the right policy can seem daunting at best. Most disability insurance is long-term, maintaining a person out of work for more than a year at a time. [B]Short term disability insurance (STDI for short-term)[/B] is designed to fill in those gaps between when income is lost due to illness or injury and when employment is restored. Because it offers so much protection for so little cost, STDR policies are popular among families and companies. Typically, the plan will pay the employee a certain percentage of his or her previous salary, plus an extra amount that is set by the insurer. There are many ways to define "under a year" and "a few months", but the concept is that an employee must be out of work for less than a year before the insurer will make a payment. [B]Long-term disability insurance [/B]plans typically provide coverage for a number of years, allowing the retiree to enjoy a pension and benefits while income is earned after retirement. The plan will also offer an affordable monthly benefit payment that allows the retiree to buy groceries and other necessities during the year when they aren't earning benefits. The downside to long-term disability policies is that the benefits are only available for a specific period of time, and benefits are deducted from the final value of the account at the end of that period. Income replacement policies are designed to provide income during the period a disabled person is unable to work. For example, if a disabled person is unable to sell home-based stock on their own, the insurance company will purchase the shares of stock. At the end of the period in which the person is unable to work, the company repays them the difference between what they would have earned during the year and what they are owed. This type of policy requires the retiree to collect monthly premiums for the benefit. They may be able to take the benefit and use it however they see fit. The last type of policy is called[B] "elimination period" or" Waiting Period"[/B]. A disabled person is provided a monthly benefit for a period of time after the date the person first becomes eligible for Social Security benefits. During the waiting period, they can apply for additional benefits, but they are not eligible to receive Social Security benefits. To determine what type of coverage is best for you, talk to an experienced insurance agent. They will be able to help you understand the different types of disability insurance and determine which option may suit your particular needs. They can also assist you with the application process, which can be a daunting experience if you do not know much about insurance. You should be aware that there is a waiting period when purchasing long-term disability insurance and you should expect to pay more than short-term policies. Understanding your coverage options and comparing your policy prices with others will allow you to decide on the best policy for your situation. [/QUOTE]
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