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Archive for January, 2014

Short-Term vs. Long-Term Disability Insurance

Disability insurance is an often overlooked form of insurance in a person’s everyday life, but it could be the most important. People spend considerable amounts of time and effort searching for the perfect health, life, auto, and home insurance, but they often time put no thought into disability insurance. This is alarming because of the fact that disability insurance actually insures your greatest asset: your income. As a disability lawyer will point out, there are two main types of disability coverage: short-term and long-term.

Short-Term Disability Insurance

Short-term insurance is designed for people who will typically be out of work for 60-180 days. A short-term disability insurance policy will usually replace 80-85% of a person’s income during the period of time they are unable to work. As a disability lawyer will let you know, employers often offer this form of insurance to their employers. Be sure to check with your employer to understand the specifics of your particular plan ahead of time.

Long-Term Disability Insurance

Long-term insurance is meant for more serious medical conditions that take longer than six months. As your disability lawyer would tell you, your long-term plan would likely only cover around 60% of your salary over the period of time you are out of work. The good news is that this type of disability insurance lasts for a much longer period of time. The coverage can go on for years, or even the rest of your life.

As a person who is in charge of caring for and providing for other people, it is important to understand what type of disability insurance coverage you have available to you. Don’t forget about your biggest asset when shopping for insurance plans.

Ask Questions When it Comes to Disability Insurance

If you have questions concerning disability insurance, you are not alone. As a disability lawyer will tell you, disability insurance is often misunderstood and overlooked among people. The reasons why vary, but most people simply don’t think they will ever have a need for it. While this is certainly true for some people, a recent poll from The Life and Health Insurance Foundation for Education suggest that 1 in 4 men and 1 in 3 women will have a disability in their lifetime that will keep them out of work for three or more months. Here are a few questions you should be asking when it comes to disability insurance.

1. Does my employer provide me with disability insurance?

This should be a quick and easy question to find an answer to, but it is the most important. You need to understand what type of coverage you are currently being offered.

2. What are the terms and conditions of my insurance?

If you do have disability insurance, the next step is to understand what it offers you in the form of time and coverage. You will want to understand the limitations to your coverage as well.

3. Is it short-term or long-term?

There is a big difference between short-term disability insurance and long-term disability insurance. Speak with a disability lawyer to find out which is best for your situation. The basic difference between the two is the percentage of your paycheck you are able to recover and the amount of time you will be covered for.

When it comes to disability insurance, it is important to ask questions. As a disability lawyer will point out, you are dealing with the financial stability and support of your family

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