Discover Which Disability Insurance Benefits Are Essential
Disability insurance benefits will vary greatly depending on the policy you have, whether it is a private company or employer policy, and on how much money you are prepared to pay for your peace of mind. The most important benefit you can receive is a good short term payout which will allow you to meet your immediate needs while you adjust to the new circumstances in your life.
Other benefits which you can choose will help your family adjust. The longer term benefits tend to be sparse in nature, as people try to keep premiums for insurance as low as possible.
If your disability is not bad enough to see you permanently out of a job, you could be entitled to paid sick leave under a policy taken out by your employer. These policies are very popular in some developed countries, but they are rarer in the United States. If there is no such policy in place, it is important to arrange your own as the benefits of a short term payout can be vital in helping you and your family start your new life.
In a longer term case, where you will not be able to return to work, your family are far more likely to be frightened about the future. You can structure your insurance in such a way that they will still be provided for, but of course you will need to pay a higher premium for this. There are policies which will pay out in any case where you are unable to return to your old career, even if you are able to carry out other work. These are known as “own-occ” policies, and it is always worth getting a quote on these just to see. They confer the greatest benefit, so go ahead if the price is reasonable.
If you get a quote on these policies, and find that they are out of your reach, there is another reasonable alternative. If you are stuck with only being able to afford a policy which will give you the basic minimum payout if you are unable to perform any job tasks, you will find that the hardest time to cope with is the time just after the incident for which you need to claim the insurance happens. During this time, you will not have prepared to live on a reduced income.
The best solution is to take out supplemental disability insurance which will secure you for that most difficult time. A short term policy giving good disability insurance benefits will allow you to pay off any outstanding creditors and get yourself on an even footing before you need to adjust to living on a lower income. Sometimes it is better to take out two separate policies to give you the greatest disability insurance benefits.
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