Disability Insurance Information
If you are unable to work due to sickness or injury, you could be at risk of being unable to pay your bills or everyday expenses. Disability insurance is a policy designed to help cover your essential living expenses if you cannot work due to sickness or injury. It provides you with assistance until you can go back to work safely. Your Commercial Coverage, Inc. agents are ready to help you find the coverage suited for your needs and help safeguard your future.
What Is Disability Insurance?
As previously stated, disability insurance is a policy that can help with your everyday bills or expenses if you cannot work due to illness or injury. There are two types of disability insurance that you can choose from short-term and long-term. The most significant difference between these two coverage options is how much time you will receive coverage.
Short-term disability insurance
covers you for a short time, typically between 13-26 weeks. Policies will vary, but along with this, coverage is usually around 40-70 percent of your income during the period of coverage.
Long-term disability insurance
is coverage for a longer time, such as years of 5, 10, 15, 20, or even retirement. The amount of time coverage will extend dependent on the individual policy you obtain. Coverage is typically 40-60 percent of total income but will vary.
A benefit to obtaining individual disability insurance is that when you change jobs, your policy will follow you versus with a group policy; your benefits change after each job switch.
How Much Disability Insurance Do I Need?
Disability insurance should be calculated by estimating the current costs of your monthly living expenses. Account for the following costs:
When to Apply for Disability Insurance
It’s essential to apply for disability insurance while you’re healthy. Once you’re sick or injured, you won’t be qualified to receive the coverage you need. To get started with coverage, contact your Commercial Coverage, Inc. agent today.