Disability Insurance
Disability can occur at any time. While many people take their
body and health for granted, serious accident or injury can
happen to anyone and if you find yourself disable, for a short
period or long term, how will you cope?
Disability insurance is a sub set of health insurance that will
provide the holder with income should they become disabled and
thus unable to continue earning a living. If this were to happen
to you, do you know what you or your family would do for income?
If you are aged 40, there is a higher chance that you will be
disabled, and thus unable to work for a period of 90 days or
more, than of you dying before the age of 65. There are three
common ways of insuring against this risk.
Employer's Insurance
The first is to receive insurance from your employer. This is
required by law in many states. It comes as a form of short or
long term paid sick leave. Larger employers can have even more
generous terms. For example, a common policy might offer you 60%
of your salary for five years, or maybe even all the way up to
retirement. While not everyone is lucky enough to work for such
a company, it is worth checking with your employer to find out
what your protection is and whether or not its something you
wish to provide for yourself.
Long Term Disability
The second common protection against this type of risk is social
security and disability benefits. This usually only covers
employees whose disability lasts for a period of 12 months or
more. It also must be shown to be so severe that you cannot find
gainful employment. Therefore there are some gaps here that you
may be more comfortable providing for with private insurance.
Individual Policies
The third method of dealing with this risk is with an individual
disability insurance policy. This means taking out a private
insurance policy yourself. You should shop around to make sure
you get the best deal available, but at least you will have the
peace of mind of knowing in what circumstances you are covered
and what the terms of the policy cover.
There are some other sources of protection. Workman's
compensation policies will sometimes step in to cover you if the
injury occurred at work. Auto insurance may provide coverage if
the injury occurred in a car accident and the Department of
Veteran's affairs can advise you if you think the disability is
related to service in the armed forces.
About the author:
Joseph Kenny is the webmaster of the insurance site
http://www.insure121.com/ where you will find information, news
and links to the leading providers of insurance in the UK. If
you found this article interesting you may find more articles of
the same nature in the insurance guide located on site.
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