Disability Insurance

Disability Insurance Policies

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Disability Insurance is a type of policy engineered to protect one’s income should a policyholder become critically ill or injured and, as a consequence, be unable to work for a certain time. It has coverage for injury to any part of your physical body, including such critical aspects as eyesight, hearing, limbs and hands, even for mental incapacitation.

Who Benefits

Just about all can benefit from this type of policy coverage. This reasoning is backed up by the following simple yet sobering fact: Anyone can become injured or sick at any time leading to the inability to perform their employment duties. This type of coverage is generally provided to owners of their own businesses, those who are self-employed, employees and even those who presently between jobs. It is far-reaching and a potential plus to all.

How it works

Payout levels vary in tandem with the choices of levels of coverage. Each policy is renewable annually. Should one become ill or injured and, as a consequence, can no longer perform his or her work duties, one then files a claim for financial compensation from the insurance company. The extended payouts continue until you are once again well enough to resume work duties as normal.

Types of coverage

There are generally two types of disability insurance policies: Short-Term Disability (STD) and Long-Term Disability (LTD). STD policies usually have 14-day waiting periods 14 days with a maximum period of benefits being released no further than two years. LTD policies will normally have a waiting period of a few weeks up to several months. The maximum benefit period for this coverage ranges from three or so years up to the balance of your remaining lifetime.