In the event you get sick or injured and cannot work, will you be able to pay your bills on time and take care of your family. The sad reality is that most families do not have enough savings to tide them through such difficult times. People assume they will continue to get their pay checks, but not all are automatically covered with disability insurance.
A disability is a mental or physical condition that prevents a person from performing his regular, usual work. Disability Insurance (DI) provides partial wage replacement to eligible workers who are unable to work because of a disability.
Some individuals may be covered under their employers’ group plan. Others can purchase individual disability insurance plans.
Disability Insurance quotes
Disability insurance quotes vary depending on the benefits offered by the plan. The rates are very different based on the occupation of the individual and by the state and county they live in. Before you get a quote for disability insurance, you must calculate the amount of disability insurance you need. This way you will not be paying more for insurance you do not need and also you purchase the amount of coverage you need. Plans that provide a larger monthly benefit for a longer time immediately after a disability tend to cost more.
Short Term Disability Insurance
Short term disability insurance also known (STD) insurance pays a percentage of your salary if you become temporarily disabled. Usually a Short term disability policy covers 40 to 65 percent of your pre-disability base salary. STD benefits are usually limited to 2 years. The insurance benefit kicks in after the paid sick leave days are exhausted first.
Long term Disability Insurance
Long-term disability insurance becomes relevant after the short-term disability benefits run out. Once you exhaust your short term disability benefits, you can continue to receive a portion of your salary under the benefits of long term disability insurance. Most plans have a cost of living adjustment to keep the benefits in pace with inflation.
Disability income insurance
Both Short term and Long Term disability insurance plans are crucial for the financial well being of the individual. Protecting the income of the individual in the event of a disability can be extremely useful and important to the family. Very few people can afford to be out of work due to a disability for an extended period of time.
Travelers and US visitors can avail medical insurance protection for un-expected medical expenses while their stay in the foreign country. NRIOL website provides a visitor insurance compare facility that enables you to compare plan benefits, exclusions and premiums so that you can make an informed purchase.
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