Disability Insurance: Protecting Your Family In Case Of TragedyDisability insurance is an insurance product designed to provide you with 40 - 60% of your gross income in the event you become sick or develop an illness that affects your ability to earn an income, and while the difference in policies are great, having a basic knowledge of the terms, types and payment methods are very important aspects you should understand and consider when selecting disability insurance. Disability insurance provided through Social Security is the government's largest income support program for the disabled, providing monthly cash benefits to workers who sustain severe, long-term disabilities, where people with disabilities benefit from Social Security under several categories of assistance. Disability insurance planning has changed dramatically over the last decade, where professionals and their financial advisers have demanded more flexibility when structuring disability policies. Disability insurance pays an insured person an income when that person is unable to work because of an accident or illness, where Disability insurance is offered in two basic forms: short-term disability and long-term disability. Short-term disability insurance provides benefits for a relatively short period of time, ranging from several months up to two years. Disability insurance is essential for any entrepreneur or business owner, because our ability to earn an income is our greatest asset and is what makes owning the homes and cars possible, it only makes sense to insure our ability to work as well. Disability insurance doesn't cover 100 percent of a salary, because insurers want people to have an incentive to go back to work. Disability insurance doesn't cover the cost of rehabilitation in case you are injured. Protective occupation participants may be eligible for benefits, where there are special offset and non-duplication provisions under this program that may affect your eligibility for LTDI benefits. Protecting your income allows you to continue to enjoy what it pays for; such as your home, your cars, your food, college and vacations; from now until the day you retire. Individual disability insurance is the protection you need to help maintain your lifestyle and protect your family's financial future should you become too sick or hurt to work. |