Disability Insurance

Aside from the various types of life insurance, there are also a number of supplementary plans that protect you in different ways. One of these products is disability insurance. If you are in an accident, suffer an injury, or develop a condition that keeps you from work, disability insurance gives you funds necessary to meet your financial responsibilities.

Term Disability Insurance: There are two types of term disability insurance – short term and long term.

Short term disability begins when your sick leave runs out, and covers you for a short period of time (this differs depending on providers and policies). This may be for a period of a few weeks or up to a year – it all depends on the policy. Payouts are usually for a percentage of your income, paid on a monthly basis.

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Employer provided disability insurance versus private disability insurance. Most employers offer disability insurance as part of your group insurance coverage. This means that you are covered should anything happen while you are employed. However, if you find yourself without employment, these benefits are no longer available. This is where private disability insurance comes in, as it will cover you while you are unable to work but not covered by employee benefits.

Private disability insurance is especially important for self-employed individuals, as they are obviously not employed by an employer (and therefore not covered by employee provided coverage), and often have far more financial responsibilities.  To help protect your business and other financial costs, private disability acts as an income replacement to help keep your business running even if you are out of commission.