May is Disability Insurance Awareness Month, and in honor of that I’d like to discuss Disability Insurance with you. Something you may not know is at least one out of every four workers will become disabled during their working career. The disability could come from an accident or injury on the job, but it could also happen off of the job as well due to illnesses such as cancer. What disability insurance provides is reimbursement for some income that is lost while you’re recovering.
If you work in an industry that offers risk of injury, you most likely have disability insurance through your work, but it may only have limited coverage. Talk to your employer to find out about your disability insurance if you are unsure. Many workers don’t have disability coverage through their employer. If you have little or no coverage, you might be able to purchase a private disability insurance policy. You may be thinking, why should I purchase one when Social Security has disability you can apply for? The truth is, you are usually capped at a certain monthly payment, regardless of your salary. By using a private disability coverage, you could receive about 70% of your salary.
There are two main types of disability insurance policies you can purchase: short-term or long-term. Short-term will usually cover a disabling illness for up to six months, and long-term can cover a worker’s salary for their entire life. There are several factors that come into play on how much your coverage will cost.
If you are interested in learning about disability insurance or want to find out how much it would cost to get coverage, give me a call at 610-406-5827 and let’s discuss your options!
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.
Source: http://injury.findlaw.com/accident-injury-law/what-is-disability-insurance.html
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