Knowing the Disability Insurance Basics is essential to making a wise choice for the proper coverage. There are several different types of disability insurance to choose from. This article will be your guide to disability insurance.
Most employers offer two different types of disability insurance coverage to their employees. There is short term disability insurance that will cover the employee for short term illness and impairments that are temporary. This is coverage will pay the employee a portion of their salary if they have an accident or illness but can recover within a short period of time, usually only a few months.
There is also long term disability insurance when an accident leaves the employee with a permanent impairment like a loss of limb. This type of coverage's will kick in after a few months. These two types of coverage's are separate but work together. If a person only has one type of these two policies, there will be a gap in coverage if there is a disability or an illness.
Disability insurance basics would not be complete without the mentioning of specific disability insurance. The most important and most common is mortgage disability insurance. This type of disability insurance is specifically geared to ensure that homeowners can keep their homes in case of an unfortunate event occurs. Specifically an accident that leaves the person covered with a disability and is unable to work or is stricken with a serious illness that leaves then unable to produce an income. This type of insurance can be the difference in whether a home owner will recover in their home or have to find another place to live.
Knowing the reliability of the insurance company who hold the policies, what is covered and if there are any exclusion clauses are the disability insurance basics all policy holders should know and be aware of.
Author: Mark V Collins
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