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Disability Insurance

Disability insurance provides workers with the necessary financial benefits if they are unable to work due to sickness or an accident. During this period, the insurance will cover most or all of your salary. The best thing is, you don’t have to worry about not receiving a paycheck while you are healing from your injury. It is estimated that approximately one out of every four workers will become disabled at some point during their work career.

Why should you get this type of insurance?

This insurance is different from social security insurance (SSI), in that it has no cap. Regardless of your age or your salary, this insurance will cover 70 percent of your salary if you are injured or disabled. Most employers offer this type of insurance to full-time workers. If you cannot get this through your employer, you may be able to purchase it from an insurance provider.

What are the types of disability insurance?

Short-term disability – this insurance coverage is for illnesses and disabilities that last up to six months.
Long-term disability – this will pay a disabled person’s salary for as long as they are off from work. This could mean for the rest of their life.

How much does the insurance cost?

The prices on the insurance vary. There are a number of determining factors such as:

Occupation of the worker
The health of the worker
Lifestyle habits including drinking and smoking
The monthly benefit amount received
Insurance policy options

This insurance is also more expensive than most other insurances such as automobile, homeowners, motorcycle. Depending on what you get for your money, the cost may set you back several thousands of dollars a year.