Disability insurance provides payments for a set amount of time when you are unable to work due to injury. It is usually 45 to 65 percent of your gross income. In most cases, your employer will offer this as a workplace benefit. But if you are self-employed, then you can speak with an insurance agent about your options.
You need an official physical reason to apply for disability. You will have to submit paperwork, some of which has to be filled out by you, other parts by your employer. Your doctor will also have to complete some paperwork. This will provide the basis for the determination of your claim. If approved, you will receive payments for the designated period.
Types of Coverage
Short term disability has a 14 day waiting period. But you can receive the benefit for a maximum of two years. Many policies limit the monthly amount to $5,000 or less. Long term disability has a longer waiting period, but the benefits are payable for up to a few years, to the rest of your life.
Benefits of Coverage
Disability insurance allows you to pay bills, mortgage and provide for your family when you are hurt and unable to work. As long as you have a medical need, then you should be eligible for this coverage.