What You Need To Know About Disability Insurance

What You Need To Know About Disability Insurance

What You Need To Know About Disability InsuranceIf you find yourself out of work due to sickness or injuries making you unable to work, and you have disability insurance, you can replace a major portion of the lost income. Whether you have a high risk of being injured or if you just want peace of mind knowing that if unexpected things happen you will still have monthly income, disability insurance can be a great idea. Here is some information about different types of disability insurance to help you figure out what kind best suits your needs.

There are different types of disability insurance: short-term and long-term.

Short-Term Disability Insurance

Short-term disability insurance is more flexible and less of a commitment. It is useful when you need:

  • Coverage from the first day of your disability.
  • Coverage only until your employer-provided disability insurance begins to pay benefits.
  • Portable disability protection that is not tied to your job.
  • A shorter benefit period to keep the premium as low as possible.

There are two different types of short-term disability insurance:

  • Accident Only Disability: This policy covers you only if you are unable to work due to a disabling accident. It does not cover disability due to sickness. This policy general costs less than a policy that covers both.
  • Short Term Disability: This policy covers you in the event of a disabling accident and in the event of a disabling sickness. It may cost a little more, but it gives you much more coverage.

Long-Term Disability Insurance

Long-term disability insurance is a good idea if your disability may keep you out of work for a longer period of time or if you want to keep yourself protected for a longer span, just in case. It is useful when:

  • You have resources that could cover living expenses for the first few months of a disability.
  • You want long-term benefits to cover you for disability from accidents and sickness.
  • You are interested in portable coverage throughout your career, often until you are much older.

Contact Employee Benefit Plans Inc. in Greenwood Village for all of your Colorado disability insurance needs. Protect yourself with disability insurance, today! Let us get you the right kind of disability insurance for your specific needs!