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Why You Need Disability Insurance

Learning About Disability Insurance Can Pay Off

Disability insurance is a program that insures workers in case a mishap occurs that results in them no longer able to work for a long period of time because they have become disabled. Employees that have participated in (paid taxes into) FICA (Federal Insurance Contributions Act) for a qualifying amount of time are eligible to receive the benefit. This program is managed by the Social Security Administration.

As a law, the Federal Insurance Contributions Act mandates that employees contribute a portion of their earnings to Social Security and Medicare. If you have paid into FICA for a qualifying amount of time, you can receive this income-related insurance for at a period of your choosing (the shorter the period, the shorter the premiums). The insurance payments start to be made once you have been disabled for a qualifying amount of time. When you choose a coverage, it is a good idea to keep in mind how long you can manage without a paycheck. The longer the period before this happens is, the lower your insurance premium will be.

Other Notes about Disability

The definition of disability depends on the insurance plan your employer has. Make sure to check and make sure you know what is in the plan you or your employer select.

It is often recommended that your disability coverage can replace 60% or more of your income. Thinking about what your monthly expenses are is a great starting point to determine which sort of plan you need,

Some policies allow you to get a portion of your total insurance benefit if you have lost a portion of your income rather than all of it. Others require that you take part in a program of rehabilitation in order to receive benefits.

Not all insurance policies include all disabilities and pre-existing conditions. Because what is covered varies from company to company and plan to plan, make sure to ask about (and research) what is covered.

Disability insurance is not designed or intended to be used with temporary conditions.

Our Last Notes

When it comes to insurance, disability insurance operates a little differently than some others. We can help you find the short-term disability (and/or long-term disability) coverage that is the right fit and at the right price. Disability insurance benefits are there for you when you are not able to get your regular income due to mishaps that can be very stressful. Peace of mind for you and your loved ones is what we offer. Contact our knowledgeable staff today!

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