Disability Insurance Online

Disability Insurance Online

Disability Insurance Online
What is​ Disability Insurance?
The Social Security and Supplemental Security Income disability programs are the​ largest of​ several Federal programs that provide assistance to​ people with disabilities .​
While these two programs are different in​ many ways,​ both are administered by the​ Social Security Administration and only individuals who have a​ disability and meet medical criteria may qualify for benefits under either program.
- Social Security web site,​ June 2018
The Social Security office will want to​ check your medical history to​ be sure you​ qualify for disability benefits .​
the​ Social Security office is​ one way to​ get disability benefits,​ but in​ most cases these benefits will not be substantial enough for families.
Disability insurance can be obtained through any number of​ insurance companies .​
in​ the​ event that you​ are disabled,​ this insurance will serve as​ financial protection .​
you​ will receive a​ percentage of​ your gross income from your disability insurance policy,​ income that will ensure your own financial safety .​

You do not have to​ go through the​ Social Security Office to​ take out a​ disability insurance policy,​ nor to​ receive the​ benefits from that policy .​
the​ Social Security disability program is​ not related to​ any disability insurance policy that you​ take out.
Individual disability insurance is​ truly a​ basic concept .​
It is​ an​ insurance product designed to​ replace anywhere from 45-60% of​ your gross income on​ a​ tax-free basis should a​ sickness or​ illness prevent you​ from earning an​ income in​ your occupation .​
Every disability insurance policy from every insurance company is​ very different,​ this is​ not a​ product to​ simply shop for the​ most competitive rate .​
To buy the​ cheapest disability insurance policy on​ the​ market is​ to​ throw money away .​
The odds of​ getting paid a​ monthly benefit under a​ cheap contract may be significantly lower than receiving benefits from a​ quality contract.
- About Disability Insurance web site,​ June 2018
Types of​ Disability Insurance
Most people are familiar with two types of​ disability insurance: short-term disability,​ and long-term disability .​
Short-term disability insurance is​ included as​ part of​ a​ benefits package with many different employers,​ and usually provides an​ income in​ the​ early part of​ disability .​
Short-term disability insurance generally provides coverage for a​ period of​ several weeks,​ and does not exceed a​ two-year term.
Long-term disability,​ however,​ can last for a​ period of​ several years .​
These types of​ policies may be included as​ a​ part of​ employment,​ in​ a​ benefits package,​ but many purchase these disability insurance policies individually .​

As far as​ disability insurance goes,​ however,​ there are still more policies to​ learn about .​
One type of​ disability insurance is​ the​ Own-Occupation Disability Insurance .​
the​ definition of​ this policy reads:
The inability to​ perform the​ material and substantial duties of​ your regular occupation,​ the​ insurance company will consider your occupation to​ be the​ occupation you​ are engaged in​ at​ the​ time you​ become disabled,​ they will pay the​ claim even if​ you​ are working in​ some other capacity.
Another kind of​ disability insurance is​ the​ Income Replacement Insurance .​
This is​ a​ very popular type of​ disability insurance,​ and most insurance agents are familiar with this policy .​
the​ language of​ this type of​ disability insurance reads:
Because of​ sickness or​ injury you​ are unable to​ perform the​ material and substantial duties of​ your occupation,​ and are not engaged in​ any other occupation.
Common in​ employee benefits packages,​ Gainful Occupation Coverage is​ another popular form of​ disability insurance .​
the​ language here is​ worded very carefully:
Because of​ sickness or​ injury you​ are unable to​ perform the​ material and substantial duties or​ your occupation,​ or​ any occupation for which you​ are deemed reasonably qualified by education,​ training,​ or​ experience.

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