Disability Insurance – Why You Need It Now More than Ever

 

Disability insurance is very important for many people and even for
the people who don’t need it. One never knows what can happen, so
to have this available is extremely important. A non-cancelable
disability contract guarantees that your policy cannot be canceled
or have the rates change as long as you continue to pay on time.
Another type, a guaranteed renewable contract, ensures that the
terms of your policy stay the same, but the cost can change over
time. The last kind of disability contract is an optionally
renewable policy. This policy can be canceled by the company at
renewal time and require exams. These types of policies help those
with disabilities obtain and keep medical coverage. There can be a
grace or waiting period but usually you will be reimbursed for
anything accrued at that time.

The waiting period is the time from your first claim to the day you
get your first disability check. Your insurance premium will be
based on your benefit amount, the more you get each month the
higher your premium will be. The longer you collect disability the
higher your premium will be as time goes on. A doctor to determine
eligibility will obtain your current health status and medical
history. If you have any pre-existing conditions or injuries, it
doesn’t mean you are not going to get it. You need for it now
relies on what happened to make you disabled.

You are defined as disabled when the condition that is keeping you
from being able to work is defined and in your employee manual.
This definition will also tell you what you qualify for and how to
obtain it. It will also inform you of whether or not you are
entitled to a new job till you are better or have to be out of work
completely. Some companies offer easier jobs that pay the same
instead of losing an employee and having to pay. Everyone should
have some disability coverage. If you get hurt on the job and can’t
continue your current position you need to have protection that
will keep you from not being able to live. You want to make sure
you know what your business’s policy is in case you need it at some
point. Many companies have group policies that cover all employees
that are working there. One would need to find out if the policy
covers injury and illness or just injury. Also what the time frame
is and will you possibly require more. Most of these will only
cover you if you are injured at work and for a minimal time period.
Some companies don’t even have this type of insurance and you would
be out of luck if injured, while others have several types of
disability, including long and short term.

If you do get injured on the job the first step is to be seen by
your employer’s doctor. This is whom you will be seeing for as long
as you are disabled and collecting disability. You will be examined
and told what is wrong as will your employer. A determination will
be made as to what needs to happen and who is responsible. If you
are declared injured and cannot return to your normal job, another
position must be found for you or you will be paid while on leave,
if this is in the company’s guidelines. Not all employers will pay
so make sure you are working for a company that has extensive
disability insurance that covers both short and long-term issues.
Also see if they cover illness and injury that is not work related.
Many people lose their jobs because they cannot go back to work for
a long time after an injury and the injury didn’t happen at work.

Your coverage will begin after you have been examined and given a
diagnosis. Once all the necessary documents have been filed and
what you are required to do has been set, a new position or payment
will be assigned at that time. You must make sure that if you are
going to be out of work for a long term disability you must pay the
agreed premium to keep the benefits coming and make all
appointments and requirements set by your employer. To breech any
of this could terminate your claim. Make sure you know what is in
store at your job in case of illness and injury you may need it
someday.

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

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