Different types of disability insurance

There are two main types of disability insurance that can be added onto your low cost life insurance policy; short-term and long-term. Many employers offer short-term and long-term disability as a part of their benefits package. However, many do not, and disability insurance is becoming increasingly important. If you injure yourself or even require a minor surgery, short-term disability insurance will cover a portion of your pay while you are out of work. Short-term disability is an optional insurance that can be added to an existing life insurance policy. If, for medical reasons, you are unable to work, disability insurance covers a portion of your lost income. Most policies have a waiting period before disability insurance kicks in. If you get disability coverage through your employer short-term disability will pay out after a period of time determined by your employer. For example, some employers will require that you exhaust all of your paid time off before accessing the short-term disability insurance.

Short-term disability is usually paid out after 30 consecutive days of missed work. A note from your physician is required to be eligible to retrieve the money from the disability insurance. Subsequent follow-up visits and additional letters may be required maintain short-term disability benefits. Some insurance companies may require your physician to fill out special paperwork or may require copies of your medical records. The insurance companies then have their physicians review the information to see if it is a legitimate claim. Short-term disability insurance only covers you for a short time usually less than a year. This can be used for maternity-leave (if approved by your insurance company) surgeries that do not require an extended length of recovery time, injuries that inhibit you from fulfilling your job requirements. Because of the amount of false claims filed with low cost life insurance companies they vigorously investigate any claim that they deem suspicious. It is important to have all your paperwork and physician information in order to maintain the insurance.

Long-term disability insurance covers a portion of your lost income if you are unable to work due to injury or illness over an extended period of time. If you have been injured and are no longer able to perform your job or any job in any capacity long-term disability will cover a portion of your lost wages until you reach retirement age. This is active in cases where a catastrophic injury has occurred or in the case of chronic illnesses. Those who are considered experts in the industry highly suggest that you seek a minimum of three quotes.