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Disability Insurance

Understanding Disability Insurance

Disability insurance pays part of your salary if you are unable to work due to an illness or injury.

This policy is beneficial for anyone who provides income for themselves and their family. A self employed person can purchase this coverage from an insurance agency. And employers often include this coverage as part of a workplace benefit.

How it Works

This policy helps you pay expenses until you are able to return to work. The amount you are paid depends on the policy and how much you earn. And there are two types of disability coverage – short-term and long-term. The waiting period for short-term is two weeks. Long-term is harder to get, and the waiting period is thirty days or longer. It might take years to finally get long term disability.

Your best bet is to speak with your employer or an insurance agent. There are many details that you need to understand about disability insurance.