The state of disability is the condition of inability to do work because disability makes the body inefficient to work or to perform their simple daily activities without the assistance of others. Disability can be caused due to injury, accident or illness. Depending upon the vulnerability of individuals working conditions or type of a profession one is involved in, medical health history etc. one can enroll in disability insurance policy.
The two most common types of disability insurance are:-
Short – term disability insurance
Long term disability insurance
Short term disability insurance generally pays benefits for up to a year or so . While long term disability insurance can pay until you get back to your job or reach the retirement age.
Both insurance provide a benefit that replaces a major fraction of your lost income and that could be between 50% to 80% .Claimed insurance money can be used for monthly expenses, paying bills, grocery and medications etc.
Short term disability insurance
- As the name suggests this insurance is for only a short period of time or generally for a year or two.
- Most enrolment for this type of disability insurance is seen for those individuals who often move in and out of disability.
- It comes with a short waiting period between 0 to 14 days.
- Generally it lasts up to two years.
- It covers the injuries that took place since birth, accident, ailment or illness.
- It is the most affordable insurance policy especially for the low income groups.
- It is also suitable for ones who are involved in riskier jobs and are already having health issues should definitely consider getting short term disability insurance.
Long term disability insurance
- This is one of the most popular disability insurance as in it disability is covered for a long term or for a lifetime.
- It covers a broad range of disabilities.
- It basically covers the disability that puts a stop to your occupation.
- Easy claim with short waiting period.
- It covers disability whether caused inside or outside the job.
- Even after changing the job insurance remains intact.
- The sooner you take the insurance plan the more premium you will receive and enrolling in your healthier times makes your policy stronger as well.
These most common disability insurances- the short term and the long term disability insurance acts as a supporting agent and will assist you to maintain your lifestyle without falling into the extreme financial hardships or insecurity. These insurances helps you to focus on recovery, if you don’t have a disability insurance than the time you spend on recovering from a disability could be very stressful and tough which may negatively impact your life .so, these two insurance policies will ease the hardships of your life which will ultimately help you in focusing on your recovery in a positive way. Depending on your preferences you can opt for short term or the long term disability insurance.
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