Although it's unlikely you become a disabled person,the odds may surprise you if you have the stunning statistics.
It is estimated that nearly 1 in 5 Americans happen to be disabled for more than a year before they reach the age 65.
It's an absurd that we normally fail to understand the necessity of a proper disability income insurance plan in our active period of life.
It is always good to have proper life insurance & health insurance coverages and coverages for your lovely cars,homes etc.
But would you ever give legitimate importance of having more balanced insurances in all aspects? If you lost our ability to earn a living caused by unforeseen accident or critical illness leading to permanent or partial long period disability,can you manage all financial matters nicely? I doubt.
Life seems to be more tougher in dealing with all expensive medical bills,the must family expenses at your post-hospitalization disability period.
You would be lucky to get benefits to some extent if you have disability insurance coverages by your employer(in the form of group disability insurance),by your federal or state government(in the form of Social Security Disability coverages) or by other sources, but they have some sort of limitation of benefits and may not be sufficient enough to meet your income replacement needs.
Now,you may have a question of how can we define Disability? Well, experts view this in different ways.
In short,to be more specific, if you are unable to perform your own customary duties in your occupation or unable to carry out any job suitable for your education, experiences, expertises due to mishap or severe illness that happened to your life leading to partial or permanent disability or made you crippled.
There are two types of Disability Insurance available in the market- 1.
Short-Term Disability Insurance(STD): Most of the USA based employers offer STD in the form of group disability income insurance with a waiting period of 0-14 days and maximum beneficial period ranges 1-2 years.
2.
Long-Term Disability Insurance(LTD): It provides coverages for an extended period of time.
Employers,however,are not law-binding to offer LTD coverages,but half of mid-sized & large-sized employers extend LTD insurances to their employees.
It provides a portions of your salary during your disability period as specified in your policy.
The length of coverages vary from place to place.
In New York, New Jersey, Hawaii & Rhode Island, most employers provide disability benefits for up to 26 weeks whereas in California coverages must be for up to 52 weeks.
Here in case of Disability Insurance,you have the odds in your favor as because of once you've taken disability policies, neither it can be canceled nor can be denied by your insurance company as long as you regularly pay your premium.
Renewal is Guaranteed.
Your insurer can't increase your premium it or can't curtail any benefit of coverages unless premium is increased simultaneously for other policy-holders on an unbiased-overall basis during the effective period of policy.