There are many different types of insurance coverage available on the market today. One of the lesser known types of insurance is disability insurance. Take a look at these important facts on what disability insurance could mean for you and your family.
3 Important Facts You Should Know
- Disability insurance is designed to protect you if you need time off from work if you are ill or injured. An astounding 18.5 percent of Americans are living with a disability today. After the age of 40 the average person has a 43 percent chance of becoming disabled for a 90 day period or longer.
- A disability insurance plan works much like other types of coverage. You will pay a monthly premium and if you should become disabled or unable to work the insurance will cover part of your income. This coverage is also different than SSDI benefits. Filing and getting approved for your SSDI benefits can be a very lengthy process and is separate from disability insurance coverage.
- Disability insurance is also different from life insurance coverage. Life insurance covers your beneficiaries in the case of your death whereas disability insurance is readily available to you and your family if you are dealing with a short-term or long-term disability.
Rates vary for disability coverage based on your age, occupation, monthly benefit, waiting period and duration of benefit period.
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