Home » Finance » Insurance

Understanding Disability Insurance

Oct 30, 2007
You probably wouldn't think twice about the fact that health insurance is absolutely essential, but what about disability insurance? It's just as important. No matter how careful you are about job safety or staying healthy, sometimes there is nothing you can do to prevent an accident or illness. While your health insurance is vital in getting you treatment, what happens when you can't go back to work right away because you're recovering? Your bills need to be paid, and your family needs to eat. This is why disability insurance is absolutely necessary.

Disability benefits will help you with your cost of living during the time that you are not well enough to return to work. They will usually not pay enough money to equal your working wages, but should be enough to pay your basic bills. Almost all disability insurance does not begin immediately, but requires a waiting period of two weeks to several months.

If you are expected to be unable to work at all for at least a year, you may be eligible to have Social Security pay you disability benefits. The amount you will receive will depend on your age and how much money you were making at your job.

There are also types of disability insurance that your employer may offer, where the premiums are taken out of your paycheck. Almost all employers are required by law to offer short-term disability insurance of some sort, like paid sick leave, although the amount of time available may vary from just a few days up to six months, or even two years.

You also may be eligible for your company's long-term disability insurance plan, if they have one. This may cover you in a situation where an injury or illness prevents you from working for a very long time, or even for your lifetime. Check with your state laws to see what your employer is required to provide you with, and ask your benefits department to explain the plan in detail.

While you are investigating your insurance options, you may wonder what some of the terms used really mean, like 'non-cancelable' or 'guaranteed renewable'. Non-cancelable means that your policy can never be changed or canceled, unless you don't pay your premiums. This helps to make sure you aren't discriminated against when you are not well enough to work. Guaranteed renewable means that the policy will be the same every year, and the premiums cannot be increased, which means that you don't have to pay more after having a workplace accident, unlike a lot of auto insurance. If you don't understand any other terms in your policy, be sure to ask your insurance administrator to explain them, or look them up yourself.

You may think that this sounds like a lot of work, but it's really not too difficult. Understanding the principles of disability insurance will allow you to make the right choice of an insurance policy for your unique situation, and to be reassured that your family and your home will be protected in the event of sudden illness or an accident on the job.
About the Author
Quamrul Polash is an established author and publisher on topics related to affordable health insurance. Get a FREE report at http://info.healthinsurancequoteusa.com To learn more, visit now Health Insurance Quotes at http://www.healthinsurancequoteusa.com
Rating:
Please Rate:
(Average: Not rated)
Views: 187
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources