What is disability insurance
Disability insurance– If the thought of what would ever happen to you when once your unable to Carter for yourself or family because of physical challenge have ever crossed your mind then you’ve asked ‘is disability insurance worth it’?
Below are some of our interesting topics that you might have missed
- Best dental insurances in Florida
- Best health insurance for college students
- Best cheap health insurance in Mississippi
As difficult as it may seem for the question to be answered it is of pertinent
In this article what disability insurance really means we be talked about and why it is good to purchase one either by yourself or allowing your employer buy for you.
What is disability insurance
Disability insurance, it is a type of insurance policy which pays a part or portion of your income if your being striked by a sickeness or something happened that your no longer mobile (unable to walk).
It is far better and easier to qualify for any insurance policy if you are younger and healthier. Premiums of disability insurance continues to rise as one becomes older and more so if your no longer sound in health and this could stop you from purchasing a cheap policy.
Types of disability insurance
Short term and long term disability insurance are the two types of disability insurance that you can be able to come across with amongst insurance firms these days
- Short Term Disability Plan
Just Like its name short term, disability insurance plan is usually short. This means that you can start getting your check as fast as possible (average weeks).
What this also stand is that the payout could only stay for only a few months into a year. Cost of long-term and short-term premiums for disabilities policies are almost the same. However, in some few cases short-term premiums are usually more expensive.
- Long term disability insurance
Long term disability insurance does mean like the name is. It is not an insurance policy that would last you until your retirement rather it is an insurance policy whose plans could only last for two years or Abit more.
While long term disability insurance seems better if purchased by an individual, it is far much cheaper if as an employee you allow your employer to buy on your behalf. However the only good thing about buying for yourself is the fact that it gives you the latitude if transferring the plan Into your next job if need be but can do so if th plan was originally purchased in your behalf by your employer.
While this long term disability insurance plans seems to be the best it also have it’s own disadvantages whereby it takes too much Tim to process your check even when it have been already confirmed by the doctor that you are disabled or unable to walk.
Conclusion
Having studied some of the things one has to be aware of while trying to make a choice at the type of disability insurance to purchase through this post. I hopefully hope that this post has been able to enlighten you on the importance of buying disability insurance plan.
For more information and update on insurance visit dailygam.com
