Disability insurance mainly consists of long-term and short-term coverage. If you can’t work for at least 90 days, the long-term coverage gives you part of your income. Short-term usually covers you if you can’t work for a few days due to a serious illness or injury. If the condition deters you from normal activities, you can also purchase medical insurance to cover a certain percentage of your medical bills. Other types of disability insurance include parent/family leave, critical illness, and accidental disability. A. L. Saland Insurance Solutions Inc serving in Florida can help.
What to Know About Disability Insurance
Whether private or government insurance, each comes with its benefits and drawbacks. After that waiting period, you will receive a set amount of money each month, depending on your policy. Government disability comes with no waiting period, but you will only receive a set amount of money. The common types of disability cover include:
- Short-term disability insurance
- Long-term disability insurance
- State disability insurance
- Workers’ compensation
- Disability overhead expense insurance
- Mortgage disability insurance
- Supplemental disability insurance
- Social Security disability insurance
Short-term disability will typically provide 40% and 60% of your income if you cannot work for between 7 and 12 months. Long-term disability can kick in after a specified period or if you have exhausted your short-term benefits. Long-term disability will typically offer 40% and 60% of your income if you cannot work for more than 12 months.
Critical illness insurance can help you cover treatment costs for serious illnesses, such as cancer. Disability insurance can be taken out as a single policy or in combination with other types of insurance. You can package it as an employee benefit or separately. This insurance comes in several different types, but the main goal is to cover your financial needs whenever you can’t work.
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Whether private or governmental, you should understand each type before making a purchase. Private disability insurance is typically purchased through an insurance carrier and is most often used to protect a company’s profits rather than an individual’s income. For expert advice, give us a call at A. L. Saland Insurance Solutions Inc in Florida.
