Disability Insurance Policies
Although the future is uncertain, we must be prepared for anything and everything that may come, one of which is the inevitability of an accident happening. If you are an employee, the risk of getting into an accident is high. What happens if you slip on wet floor and break an arm? Or tear a ligament as you carry heavy equipment and are unable to work for months?
Getting temporarily laid off because of a disability is stressful and can threaten your financial security. For most people, financial aid is limited and resources are often depleted from medical expenses and basic necessities during the disability period. Protect yourself and your family from loss of income by securing a disability insurance policy.
What Is Disability Insurance?
A disability income policy is a form of private insurance that aims to replace a portion of your income in the event that you are declared unfit to work. The policy is essential to ease the financial burden of the household when the provider has serious injury or illness. There are two kinds of disability plans - short-term and long-term. Depending on your circumstances, mainly the severity of the injury and period of disability, you may require both options.
Short-term disability basically supports you financially for as short as 9 weeks to as long as 1 full year. On the other hand, long-term disability pays up to 5 years or even more for some plans. Long-term disability is usually exercised if the individual runs out of sick leave and has already exhausted his/her short-term disability.
There are many advantages to getting either short-term or long-term disability. The most important reason is that it provides a financial cushion in the event that you lose your source of income due to an illness or disability. Another benefit is that most plans are extensive, meaning you can get financial aid even after the immediate pain or disability has subsided. Enjoy the convenience of being protected by disability insurance.