Disability Insurance - Replacing you income in case of injury

Disability insurance is meant to replace your income should you become sick, disabled or hurt, and when you can’t earn your regular salary. The insurance quotes are not the easiest thing in the world to read and understand, and insurance provided through Social Security is the government's largest income support program for the disabled, providing monthly cash benefits to workers who sustain severe, long-term disabilities. People with disabilities usually benefit from Social Security under several categories of assistance.

The insurance payments from a disability can replace more than half of anyone’s income, and long-term care insurance has provided more than enough to pay for in-home care as well as physical, occupational and water therapy. Disability insurance is a type of insurance product designed to provide you with 40 - 60% of your gross income in the event you become sick or develop an illness that affects your ability to earn an income. The difference in policies are great, having a basic knowledge of the terms, types and payment methods are very important aspects you should understand and consider when selecting a plan, and while this insurance doesn't cover 100 percent of a salary, insurers want people to have an incentive to go back to work.

Surprisingly, single people often need it more than married couples because they don't have a spouse's income to fall back on if they are injured or become too sick to work, but on the other hand, most married people have a hard time imagining what it would be like to live on one salary when they barely get by on two. The benefits will begin on the later of the day following 60 continuous calendar days of disability or the day following your last day of employer-provided salary or sick leave payments, and the amount of disability benefit will be the greater of 50% of your basic compensation of the day you became disabled or 50% of your average earnings for the 24 months prior to the date you became disabled.

Purchasing personal disability coverage will ensure that you are financially protected in the event you become disabled outside of the job, and purchasing disability insurance on your own ensures that your coverage is tailored to your specific preferences and will stay with you even if you change jobs.