No one knows what is going to happen and it is important to do some planning for the future by buying insurance. One kind of insurance coverage that you want to consider is disability insurance. This type of policy can ensure that you will have some kind of income if you are unable to work due to an accident or illness.
It doesn’t matter if you are married or single, disability insurance will replace a portion of your income if you are injured, disabled or have a significant illness. This type of coverage is predominantly offered through your employer and there could be a time period that will dictate when your payment will be made after the filing of your claim.
Two types of disability insurance are available – long and short term. Short term insurance pays out for a limited period of time after you become ill or injured, and are unable to work. Long term coverage has a waiting period before you are eligible for the payout, but it has a longer time period of payments. It is possible to have both types of insurance.
A part of your normal income will be paid out in a group disability insurance policy. To cover the gap between the portion paid out in disability and what you normally make, you can purchase a supplemental policy. Injuries and accidents also occur on the job, which means that you can also receive worker’s compensation.
Most of the workforce has disability coverage of some type, whether short or long term. No matter what your income, it is important to have disability insurance.