Let’s learn more about the concept of disability insurance.
Most people are familiar with the most common types of insurance—home, health, auto, etc. However, there are also other types that most of us are less familiar with, including disability insurance. Many of these insurance types are available at work because they come with benefit packages, but younger employees often overlook them. Let’s learn more about the concept of disability insurance.
The Concept of Disability Insurance
Most of us know what life insurance entails, but what is disability insurance? It’s similar to life insurance, but it pays out if you have a disability that doesn’t allow you to work. It protects you so you can continue paying your bills and cover expenses. Moreover, disability insurance replaces a part of your paycheck so that it may be part of the solution. Overall, different policy types may be worth discussing with an insurer regarding your insurance needs. Reach out to Malden Solutions at 410-435-4937 regarding short-term or long-term disability.
Prevalent Types of Disability Insurance
Common types of disability insurance include short-term, long-term, and social security.
- Short-term disability covers a disability that you can recover over time (no longer than a year)
- Long-term disability insurance covers an extended period of disability, possibly lasting to retirement age
- Social Security Disability Insurance is part of your Social Security benefits, but qualifying might be complex
How Does Disability Insurance Operate?
Your plan will state what disabilities it covers, from long-term illness to complete disability. Moreover, these definitions differ between insurance carriers. If you meet the criteria of disability insurance, you must wait before benefits kick in. Soon after that, a percentage of your regular paycheck amount will come to you for the duration of the coverage. Your insurance policy will determine this and varies significantly between carriers and policies.
Do you need disability insurance? Yes, only if you need your paycheck to cover your living expenses. Anyone can apply for insurance if they fail to make ends meet because their paychecks just stopped. No one knows what the future brings, but disability insurance will help you prepare for it.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin