The Info on Disability Insurance
Disability Insurance is a kind of policy that is designed to protect one’s income should a policyholder become critically ill or hurt and, as a result, be unable to work for a certain length of time. It has coverage for injury to any part of your physical body, including such important areas as eyesight, hearing, limbs and hands, even in cases of mental incapacitation.
Pretty much all can benefit from this type of policy coverage. It is a fact that anyone can become injured or sick at any time, which can lead to the inability to meet their employment obligations. This kind of coverage is generally provided to business owners, the self-employed, employees and even those who are between jobs. It is far-reaching and a potential help to all.
Payout levels vary in regard to the choices made for the levels of coverage. Each policy is renewable yearly. Should one be stricken ill or injured and, as a result, no longer be able to perform his or her work duties, then a claim if filed for financial compensation from the insurance provider. The extended payouts continue until you are once again well enough to perform work duties as normal.
There are generally two kinds of disability insurance policies: Short-Term Disability (STD) and Long-Term Disability (LTD). STD policies usually have 14-day waiting periods with a maximum period of benefits being provided no longer than two years. LTD policies will usually have a waiting period of a few weeks up to several months. The maximum benefit period for this coverage will range from three or so years up to the balance of one’s lifetime.