Any individual stands more chances of becoming disabled in his/her life than dying. If you are unable to pursue your regular occupation owing to a mental or physical condition, you suffer from disability. Any kind of disability drains out a large portion of your future savings and leaves you financially debilitated for the present as well. A majority of the population cannot survive without an active income. Disability insurance is therefore required by any individual who depends on an earned income to lead his life.
Disability insurance helps by paying a partial wage replacement if you are unable to work because of a disability, provided you are eligible. Disability insurance is thus as important as life insurance. However, disability insurance is not offered by many employers. Some of them offer group plans. Others can buy individual disability insurance plans. Any individual is eligible for a maximum amount of 60% of his/her earned income before taxes and investment income does not qualify.
The benefits of short term disability insurance come handy when you are disabled temporarily and extend for a maximum of two years. The amount covered is usually 40 to 65% of the base salary earned prior to the disability. The amount is paid to the eligible only after the paid sick leave days have been utilized.
The benefits of the long term disability insurance policy take over after the short term policy benefits are over. A portion of the salary keeps coming in and best part of this cover is that the amounts are adjusted to the effects of inflation.
If you have decided to purchase disability insurance, it is a good idea to get disability insurance quotes from different insurance companies. These quotes can be got directly from insurance providers. They can also be got online. The procedure involves filling up details in a quote request form and submitting it online.
Disability insurance quotes are available from many insurance providers through one-stop-shop websites. You will then receive multiple quotes. You can review the different options that are available and then choose the plan that suits you the best.
The disability insurance quotes come with different prices and vary according to the benefits provided, the job/occupation of the applicant, where the applicant resides, etc. It serves well to calculate the disability insurance amount prior to applying for the quote. You can avoid paying more than necessary. The costlier disability insurance policies generally pay more benefits over longer periods of the disability.
Summarizing, disability insurance lessens the financial pains of surviving a short or a long term disability without income.
Paoli Symmons often writes about disability insurance
Tags: Critical Illness, family, Finance, health, Health and Fitness, insurance
Source: http://www.healthandfitnessarticlesblog.com/short-term-disability-insurance-protects-your-income/
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