The Importance of Disability Insurance: Why You Need It Now

PM Questions to Ask Betty

This week‘s episode of “Ask Betty!” is all about disability insurance. Disability insurance provides protection for individuals who are temporarily unable to work due to injury or illness, or permanently disabled from working.

It is often times provided by employers or purchased independently. To get started with a disability insurance policy it is important to determine which type of coverage is most appropriate and to understand the different types of benefits that are available.

Q from YOU to Ninja HQ

“Hi, I will be having shoulder surgery in January and will miss two months of work. What are my disability options?”

First Things First - Timing is Everything with Disabilty Insurance

First, in order for disability insurance to payout, coverage must be in place before the injury or illness occurred. All existing injuries or illnesses may require a waiting period in order for new benefits to be covered. With that in mind, it is important to contact your insurance provider as soon as possible to begin the process of securing disability insurance coverage.

  • Timing
  • Types by Duration
  • Construct to YOUR Needs

Disability Insurance Pays Out In Varied Amounts of Time

Now, let‘s talk about the different types of disability insurance. One of the most common types is short–term disability insurance. This type of insurance pays benefits over a short period of time, typically six months or less. It typically covers 60–70% of monthly income with maximum monthly payments of $6,000 or less.

Long–term disability insurance pays benefits for a longer period of time, usually for up to five years or more. It generally covers 50–60% of monthly income and can provide maximum monthly payments greater than $6,000 depending on the plan.

Disability Insurance per Ask Betty

When Establishing YOUR Disability Insurance Supplementals Can Help You Cover More

Finally, there is Supplemental disability insurance. This option is distinct from other types because it is used to supplement existing short–term or long–term disability insurance. It can provide additional payments on top of existing policies, often amounting to tens of thousands of dollars of additional coverage.

Finding the right disability insurance policy that fits your individual needs can be overwhelming. This is why it is important to speak to a qualified insurance professional to find the right solution for you. An insurance professional can explain your options and help you to determine which type of coverage is most appropriate for your individual situation.

Ask Betty!'s Conclusion on Disability Insurance

In conclusion, Fred_ATLRN‘s question about disability insurance is a very important one. It is vital to have a disability insurance plan in place and effective before an injury or illness occurs in order to have a successful claim. There are several different types of disability policies available and each provides different types of benefits.

To make sure you are secure and properly protected, speaking to a qualified Insurance Ninja can help you to determine the most appropriate policy for your individual needs. So don’t delay, speak to an Insurance Ninja today and learn more about disability insurance.

💵 Thanks for tuning into this week’s episode of “Ask Betty!” Send a Facebook PM of YOUR health insurance question today & if your question is used in an episode of “Ask Betty!”, we’ll email you a $25 Amazon gift certificate.

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