Types of Disability Insurance
Disability insurance has evolved into several products, each of which is designed for a specific scenario.
Short Term CoverageShort term disability insurance generally provides benefits from 90-180 days starting after the elimination period of the policy. Because 1 in 3 Americans will experience a disability lasting 90 days or more, such coverage is an excellent hedge against the most common cause of loss of income.
Short term coverage works well during and after pregnancy, a time when the mother's health is paramount to the infant's. more...
Long Term CoverageOne in 5 Americans will experience a disability lasting one year or longer. Once short term disability insurance runs out, long term disability can aptly fill the void.
Long-term coverage can be setup for as short as one year or as long as for life. The most common benefit periods are 5 years and up to age 65. more...
Supplemental CoverageMany medium-size and large companies offer employees group disability insurance. It is often an inexpensive afterthought that is selected when reviewing life insurance options.
Group coverage can cover up to 60% of regular income but any benefits from such a policy are taxable as regular income. Group policies are also commonly riddled with exceptions and limitations.
Supplemental disability insurance is desgined to fill the gaps in your employer's group policy. Benefits can often be extended up to 100% of regular income keeping in mind that monies received from a supplemental policy are not taxed as income. more...
Living Assistance Disability InsuranceForty percent of the roughly 12.8 million Americans that need assistance with every day activities are working age adults between 18 and 64.
These are Americans that, because of illness or injury, can't work and require help at home or at a facility on a daily basis during the healing process.
Medical insurance generally stops paying benefits when your doctor(s) sign off that nothing more medically can be done to assist with your recovery. This can leave a large chasm of expenses for personal care over an extended period of time during rehabilitation.
While long-term and short-term coverage insure your income stream when you can't work, living assistance disability insurance is designed to help protect your assets against rehabilitation-related expenses incurred during extended rehabilitation that are not covered by medical insurance. more...
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