Disability insurance can be very useful in the event that an individual becomes disabled and is not able to work due an injury or illness. If an individual became ill or injured during the course of employment, the disability insurance would pay a portion of a worker's regular income. This would allow the worker and their family to still meet their daily living expenses.
Accidents happen, and can leave you without the ability to work. If you suffer from an incident, this insurance can be used to cover medical bills, mortgage and more.
This form of coverage utilizes a monthly premium. The premium amount is determined by your yearly income. Medical exams may be required, and the result of the exam can help determine the monthly premium. Sometimes partial disability is paid after total disability for the same illness or injury.
There is also a short-term policy, which can cover up to two years of injury. Short term is usually used after all the sick leave days have been used. The long-term policy can last up to retirement and some may only last five to ten years. You may be paid anywhere between 45% and 60% of your regular income.
A residual benefit can be used to make up the difference of your normal income if your pay was cut because of not being able to perform all of your duties. This benefit may have to be purchased additionally on some policies. Presumptive disability is another option. It may pay even if you can perform your normal duties. Losing an arm, leg, or sight are examples of when this benefit might be used. Protect yourself from injury. Talk to one of our agents today.