There are a myriad of Disability Insurance Companies, and they serve to sell and provide coverage in the event of an accident or incident that renders you disabled. Disability Insurance serves as protection for you and your loved ones; in the event that you become (temporarily or permanently) disabled and unable to work, your policy with a Disability Insurance Company will enable you to receive regular ‘income.’ Through the Disability Insurance Company of your choice, you can purchase both short-term disability insurance and long-term disability insurance.
Items to consider as you choose a Disability Insurance Company:
- Be sure to ask your current insurance representative regarding the options available, as your employer’s disability insurance plan may not meet your standard of coverage and care. It is best to assess your needs (and possible future needs) before making a choice on a plan. Note that the disability insurance you receive as part of your work benefits may not cover accidents or traumas that occur away from the workplace. Statistically speaking, more accidents tend to occur while people are on the road or in their homes.
- Generally speaking, more expensive policies cover more potential disability conditions. Do a cost/benefit analysis of several insurance policies before selecting one. Most major insurance companies feature a cost-benefit Disability Insurance calculator as part of their website resources.
- Speaking with one or more insurance agents from several different companies may be helpful as you discern which coverage to purchase for you and your family. There are online services (such as Protect Your Income) who will compare various Disability Insurance Companies and their plans for you.
- Note that the benefits available to you as a United States veteran disabled in the line of duty will include disability insurance. See the VA Disability Pay Chart for additional information.
- Also note that, as written by Rod Howell in his eHow Money feature article, “Disability Insurance Policies”: “Disability insurance policies feature two protection options for the insureds: guaranteed renewable and noncancelable. The guaranteed renewable option allows insureds to renew their disability policies without an increase of their premiums unless insurance rates are raised on all insurance plans with the same class rating. Noncancelable options permits insureds to renew their disability protection plans without a raise in their premiums or a reduction in their benefits.”
What Disability Insurance Companies can do for you:
- Provide greater peace of mind for you and your spouse and/or dependents
- Provide a safety net in the event of an accident at work or at home
As noted on the Social Security Administration Fact Sheet from January 31, 2007, “Three in 10 workers entering the work force today will become disabled before retiring.” This statistic can serve as incentive for you to ensure that you (and your family members) have disability insurance coverage.