Disability Insurance: A Safety Net for When You Need It
Planning for unexpected hurdles is an often unpleasant but essential part of life. Regardless of your commitment to safety and health, accidents and other situations impacting your well-being could occur on any given day, potentially leading to a significant change in your daily life and extensive financial ramifications. Developing a disability can be particularly difficult, but understanding and maintaining suitable insurance can help cultivate financial security and peace of mind during these difficult times.
What Is Disability Insurance? 
As its name suggests, these policies are specialized coverage solutions intended to help you and your family manage the financial implications of a temporary or permanent disability. The primary purpose of disability insurance is to help ensure you and your family are provided for even if a temporary or permanent disability keeps you from working and earning income.
Where Can I Get Coverage?
Policies can be purchased on the open market or may often be available as an optional employee benefit through your workplace. While your employer may already offer workers’ compensation insurance, it’s important to note that disability insurance can provide broader coverage by including issues arising from nonwork-related incidents.
Are There Different Types of Policies?
Yes, disability insurance can come in various forms. Generally, policies can be classified as one of the following two types:
- Short-term disability insurance can pay out benefits for a more abbreviated period of time, typically ranging from a few months up to a maximum of 2 years. These policies may have shorter waiting periods, meaning you can start to receive payouts within a week or two.
- Long-term disability insurance can provide ongoing assistance for several years and may even pay out until you reach retirement age. This type of coverage may require longer waiting periods before benefits begin, ranging from several weeks to several months.
We’re Here to Help
Contact Shelton Insurance in Hollister, CA, today to learn more about disability policy or compare coverage options.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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