What is Disability Insurance And How Does It Protect You?

When most people think of disability insurance, they think of the Social Security Administration, but there is plenty more that comes with it. Disability coverage is one of the most widely misunderstood policies, leaving many people underinsured when they need it the most. You should understand the importance of disability coverage and what it can do for you.

Where Can You Get Disability Insurance?

While you can claim disability coverage through the Social Security Administration, there are also private solutions for this coverage. Most insurance carriers offer a variety of short-term and long-term disability policies for individuals to consider.

What Is Disability Insurance?

Disability coverage is a policy designed to provide a source of income if you suffer a non-work-related injury and cannot return to your job. Work-related injuries fall under workers’ compensation coverage, but injuries outside work do not. Disability insurance applies in those instances.

Do You Understand How Disability Insurance Protects You?

Depending on the policy that you choose, your disability coverage will either provide coverage for short-term recovery or for long-term disability issues. You receive payments equal to a percentage of your pre-injury income. Your policy defines the percentage that you receive so that you can budget accordingly.

How Do You Qualify for Disability?

The qualifications for disability may vary depending on the policy. For example, the Social Security Administration has a series of eligibility requirements before you can receive disability benefits. Some private disability policies only require that you prove an inability to return to your previous job due to your injury. It would be best if you also considered whether or not you can pursue a general liability insurance claim against the property owner or responsible party for your injury because that can help supplement disability payments as well.

How Expensive Is Disability Insurance?

Your disability insurance premiums will vary depending on your chosen policy. When looking for coverage, you should consider the benefit amount, which is the percentage of your income you receive. You also need to understand the benefit period. The benefit period defines how long you accept those payments after your injury.

Short-term disability covers injuries you expect to recover from within less than a year, while long-term policies offer coverage for much longer. Some disability premiums are higher for high-risk lifestyles, such as rock climbing, auto racing, and impact sports participants.

Getting the right disability coverage for your unique situation means shopping around and understanding the policy terms. The more you know about these policies, the easier it is to find the right one and get the peace of mind you need. Even if you can file a general liability claim for your injury, you must make ends meet. Disability insurance provides you with the ongoing payments required to pay the bills and care for your family.

About Provident Protection Plus

For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.