Understanding the Short-Term Disability Elimination Period
Short-term disability insurance is a valuable resource designed to provide financial protection when you are unable to work due to a disability, illness, or injury.
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How To Buy The Right Disability Insurance Plan
If you cannot work because you are sick or injured, disability insurance pays part of your income. While many individuals rely exclusively on group plans, they seldom provide adequate benefits, especially for higher-earning individuals. Medical insurance covers only medical procedures and rehabilitation, so disability policies are necessary supplements covering routine bills and expenses.
Considering many companies provide disability insurance, it’s essential to find one that can adequately protect you. The right disability insurance plan for you will depend on several things discussed in today’s article.
The coverage amount you want
It’s the most important thing in a policy, as this is the amount of money you would regularly receive while experiencing disability. The bigger the benefits, the bigger the premium you would need to pay.
Duration of the benefits
A disability insurance policy can be tailored to your needs and desires, so you can take your benefits for five years, ten years, even until you start getting your retirement benefits – the choice is up to you. The longer the period you choose, the higher the premium you will need to pay.
Your age
Age plays a major role in the insurance niche in general. The younger you get your disability insurance, the cheaper it will be for you. But, that doesn’t mean you cannot get a benefit plan if you’re in your middle or elderly years. Everyone is at risk of a disability, and everyone benefits from disability insurance, so it’s always a good idea to get one to protect yourself.
Your occupation
Your current job position and occupation, in general, are important factors in disability insurance. Every work carries a different type of risk that determines the premiums you will have to pay. The riskier our job is, the higher the premiums will be.
Your health state
Disability is closely tied to the health condition you’re in. This is why insurance companies analyze every person separately and tailor the insurance policy for the individual needs. If you’re at a bigger risk of experiencing any type of disability, you would have to pay higher premiums, and vice versa.
Extra features
When you’re getting a long-term disability insurance plan created, you can ask your agent to add in a few extras that will benefit your premium or your benefits. Some of the most demanded features our clients require additionally are the following:
A non-cancelable policy means the insurance company won’t cancel your policy even if you change your job.
Another thing you can require is a clause “own occupation” or “any occupation.” The “Own Occupation” benefits are paid if the employee cannot perform their regular job or a similar job. With “Any Occupation,” benefits are only paid if a person cannot perform any occupation for which they are fitted, whether by education, training, or experience.
Final Thoughts
Disability insurance is an important part of financial planning. By keeping a few key factors in mind, you can be sure that you are getting the best possible coverage for your needs. Having a disability insurance policy can benefit everyone, regardless of income or occupation. The price you pay for having a disability insurance policy is minimal compared to having the peace of mind knowing that your income and wellbeing are protected at all times.
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