Disability insurance can be a lifesaver when you are unable to work. It pays a portion of your income until you are able to return to work. There is also long term disability for when you need more time off of work. This insurance is specifically for when you are unable to work due to an illness or an accident.
This coverage is for anyone who works for a living. It does not matter if you have a family or only have yourself to take care of – disability can come in handy. Most policies are purchased by business executives and professional workers. Employers also include this coverage as a benefit for their employees.
How it Works
This coverage provides a portion of your income until you are able to return to work. It will not pay all of your income, but it will provide enough for you to pay some bills and buy food. There are two types of disability coverage – long term and short term. The waiting period for short-term is about two weeks. But the waiting period for long-term is longer, and can take anywhere from a few months or longer to be approved.
If disability insurance is not a workplace benefit, then speak with an insurance agent for help. Also, if you are self-employed you also might want to learn more about this coverage.