Most people buy insurance to protect important aspects of their life. They buy policies to protect their families, homes, and cars. But, is there something that can protect your finances in the event that an illness or injury prevent you to work? This is when short term and long term disability insurance come into play.
Find out if your employer offers benefits package with disability insurance. If not, you may be able to purchase personal disability insurance.
What Is Short Term Disability Insurance?
This coverage is available for a limited timeframe only, depending on what is indicated in your policy. This time period is usually from several months up to a year. The benefits start after about 14-day waiting period. This policy pays out benefits if you have:
What Is Long Term Disability Insurance?
This coverage includes medical diseases and injuries that keep you out from work. It comes with a longer time frame compared to short term disability plan. Childbirth is not included in the long term disability insurance. You can file for long-term disability claim if you have:
The waiting period to receive the benefits is also longer, particularly I'd you have a debilitating injury. On the average, the process can take 90 days or longer. You will be able to receive the benefits for many years up to your 65th birthday, or until you regain your normal state of health.
What Disability Insurance Is Appropriate for You?
Choosing the right coverage is a difficult part. You cannot tell when an illness may strike your body. Injuries also tend to happen unexpectedly. If you are injured or sick, you also cannot predict exactly when are you going to recover.
One of the main differences between short term and long term disability insurance is that the first one is more affordable. However, battling with a serious illness such as cancer, or a disabling back pain for a long time can severely damage your finances if you are out of work. In such case, long term disability policy is the ideal choice. You may need to decide based on hypothesis. In fact, you may opt to choose a combination of the two policies.
An insurance agent can help you decide the best disability plan according to your needs. Ask questions so you you know what you will receive. At Roper Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information around our products and services by calling our agency at (828) 697-6709 . Get your free quote today by CLICKING HERE.