Why Temporary Disability Insurance Is Vital No Matter How Long Your Disability Will Last
Temporary disability insurance is, in many ways, more significant than the insurance that you take out against serious long term disabilities. This is entirely a function of probability, as there are thankfully far more people who suffer from short term illnesses and injury than long term. This short term cover may be offered by your employer, who may have taken out an insurance policy realizing that if they can keep staff happy through their temporary absence, the staff are far more likely to return to the company eager to do the job again. These policies are not common in the United States, but more companies are beginning to catch on.
If you are self employed, you will definitely need to be able to arrange your own temporary insurance. While no-one ever wants to pay more in premiums than they have to, it is important to make sure that short term cover is adequate. In the long term, it is often possible to adjust to a cheaper way of living and make the most of it. In the short term, you will still be facing the bills coming in from the commitments you made before you became disabled.
Temporary disability insurance alone will not be enough, of course, because it will not cover you against the possibility of a permanent disability making it impossible for you to work in the long term. For long term insurance, you have a difficult choice to make. If you make the choice that most people make, you will go for the cheapest premiums, and that will mean limited cover. The cheapest policies will only pay out if you are unable to do any work at all.
If you are in a skilled job and you can no longer work, these policies will not pay out. You will be expected to take a mundane unskilled job and just live in the reduced income. Policies which will pay out if you can't do your normal job are called own-occ policies, and they will be far more expensive to take out. If your profession is not a dangerous one, though, the expenses may not be prohibitive. It is always worth getting a quote and finding out.
If you take out a very basic long term policy, you can always add temporary disability insurance to it. This will at least cover you through the months which are likely to be the hardest, as you adjust to your new life. This can happen as two aspects of the same policy, or it can be as two separate policies. Either way, make sure that you shop on the Internet and get the best deal possible. The Internet is always the best place to buy insurance, because of the reviews from independent buyers. Use these reviews to make sure you get the right temporary disability insurance.
|Do You Have Enough Disability Insurance? | Bankrate.com|
You need sufficient disability insurance if you become sick or hurt and can't earn a living. Check your policy to ensure you have enough coverage...
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