The Types of Disability Insurance For Individuals

If you have recently started a new job or have decided to start your own business, you may be aware of disability insurance for individuals. Usually purchased as part of a group benefits plan or as an individual proprietor, policyholders must generally pay part or all of their disability insurance premiums, unless covered entirely by your company. Before thinking you may not need disability insurance because you work as a secretary, teacher or other non-manual labor-intensive position, think again as roofs can collapse, furniture break, and people can slip on sidewalks or stairs, at both your home and office. If your households existence is dependent upon your income, it is a wise choice to invest in both short and long-term disability insurance.

Short-term disability insurance is meant for people, who need short-term, disability income. If you get hurt and require surgery, fall down and break a bone, or have a recreational accident, you may need to have bed rest for a period of weeks or months. This is where short-term disability insurance comes in. Short-term disability insurance will pay a portion of your salary, up to a specified period of time. Times can vary, with most short-term disability insurance policies classifying themselves as short-term anywhere from three to six months.

After the short-term disability insurance expires and you can still not work, the long-term disability insurance should kick-in. Most likely you will have to see a disability physician, who may not agree with your own physician. This tends to keep people from purchasing long-term disability policies, as they fear their claims will be denied. When in doubt, always purchase a short-term policy, until you decide to pursue a long-term disability policy or not.

Short or long-term, these types of immediate annuities pros and cons can be explored to further see if a short or long-term disability insurance policy is a wise investment.

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