You may have got insurance for your home, car or health because this is something that everyone does. But have you thought about insuring your ability to make a living? Probably not, even though you will now realize that it matters the most! Getting disability insurance is a smart move in this context because it pays up a portion of your income if you cannot work for a prolonged period due to an injury, illness or workplace accident. In fact, anyone who relies on a paycheck and has dependents to support should absolutely have this coverage. Here are some facts that you need to know about disability insurance.
You can buy personal or work-based disability insurance
Now that you know that you must buy this coverage without second thoughts, you must go ahead and pick one. You have the option of individual or work-based policies. While workplace disability insurance is more reasonable in price, it may not be portable as you cannot carry on one when you switch jobs. An individual policy, on the other hand, is more flexible and stays in place even when you change jobs.
There are options for short-term and long-term policies
Besides the choice between an individual or work-based policies for disability insurance, you also have the options of short-term and long-term ones. Short-term policies give you a cover for lost income for a period of six months or less. With long-term insurance, however, you have ample cover even if your disability lasts longer. The policy pays a portion of the income for a few years or even until retirement, depending on the policy type.
Disability claims can be complicated
Even if you have disability insurance, getting a claim when you need it can be complicated. The best bet is to get help from experts like Pennsylvania disability insurance claim attorneys to avail full benefits from the insurance. They can also handle negotiations with the insurance company to prove your case if there is a denial or delay in the disbursal of the claim. After all, you deserve to be covered well enough in case of a disability if you have taken an insurance cover for the same.
You should choose the right policy
Like any other insurance policy, you should be judicious while choosing your disability insurance policy as well. The choice can be tricky because it is practically impossible to predict an injury or illness and the time period it would possibly keep you out of work. Further, you may not even be able to work again in case of a serious injury or illness. The best approach would be to find a policy that gives you the best possible coverage at an optimal cost. Ideally, a long-term policy is beneficial if you can afford one.
The benefits of disability insurance are immense and you must absolutely have one to keep yourself and your dependents financially secure even if you lose your capacity to earn. Whether your employer offers coverage or you have to buy a policy on your own, you must ensure that you have it in place.