In these troubled times, no one is safe from becoming completely broke due to illness, injury or disability. While there are a few that could live off of their savings for awhile, this will not get everyone through the times when you really it. This is why everyone should look at getting disability income insurance.
An Insurance Plan For Your Situation
While many companies offer their employees disability income insurance as part of the benefits package, these plans are usually short term and are related to on the job injuries. Bt what if you become disabled outside of work, but still can no longer work where you once did? This is when you need to look into supplemental disability income insurance.
So what does disability income insurance provide to you? If you are injured outside of work and can no longer function at your job, you can be eligible to draw benefits from your disability income insurance. These benefits will cover the day-to-day expenses and can get you through the weeks or months that you will be out of a job.
You will still be able to pay your bills and keep your head above water. In order to be fully protected, a long term insurance plan will pay benefits longer than a short term insurance plan. Short term disability income insurance only has a coverage of up to two years, while long term plans will be able to cover you until the age of 65.
In order to find the right disability income insurance plan for you, you will want to calculate how much you have in monthly expenses. For disability income insurance, the benefits should be able to cover about 60 to 70 percent of these expenses. On top of that, you must consider any rise in medical costs and educational costs in case you will have the opportunity to retrain for a new career and get back on your feet.
Disability income insurance can help you maintain your current lifestyle while getting the rest that you need in case it is only a temporary disability. If it is deemed permanent, and there is no other way for you to work again, your disability income insurance will still carry you through. Some plans also adjust for inflation, so you will want to check on that as well when you are looking for your disability income insurance.