It’s once again Disability Insurance Month, and in honor of that, we are going to discuss important parts of disability insurance and what you could do to prepare for each requirement.
Definition – In different disability policies, there are likely various versions of the definition of disability. How disability is defined is incredibly important. Some definitions are looser about what can be classified as disability and give few restrictions on the amount of time given. Others can use tricky wording that severely limits what disability is considered or can require you to return to work regardless of your condition after a time. Read the policy’s definition carefully and get assistance from a professional insurance provider to ensure your health and job are safe.
Waiting period – Many policies can set a waiting period that requires you to be disabled for a certain amount of time before you can begin getting some benefits, so watch for this period carefully and plan to set aside some money to use during that period if necessary.
Return to work – Even when you are finally able to return to your job, depending on your type of work, you may have a lower income than before the disability. These jobs may include solo or self-employed individuals, commission-based income, client-based income, and others. You can purchase additional disability insurance that takes this into account and can help you get back on your feet.
Approximately one of every three or four workers will become disabled for a short or long term in their working lives, so everybody should thoroughly consider disability insurance. Give us a call if you have any questions about disability insurance and we’ll help out as best we can!
Rothenberger Insurance Services is a full-service insurance company that specializes in all personal and commercial insurance services. We are located in West Reading and help many individuals and businesses in and around West Lawn, Wyomissing and Reading.