Get To Know About Disability Insurance
welcome to my Channel please like comment and subscribe in this article we are going to talk about disability insurance so what is disability insurance disability insurance and insurance policy that pays a portion of your loss wages if you become an ill or injured and cannot work it is often available in short-term and long-term plans as well as individual and supplement plans you can purchase disability insurance from a private insurance company either on your own or through an insurance broker or a gym through your employer’s Club plan or through your state government after you enroll in an individual disability insurance plan you pay monthly premium then if you become ill injured or pregnant and cannot work this insurance policy covers a percentage of your wages depending on your plan some disability insurance policy pay you for several month While others pay you for the remaining years of your working life another option in Social Security disability insurance or SSDI
which is only available if you have work and contributed to Social Security if you have become disappeared and are eligible for SSDI you must fill out of paper watch with pepper work I mean which many people find extensive and complicated and if approved wait for an extended period of time before payments are made many U.S adults don’t have enough savings to keep them financially afloat should they lose their ability to work and earn a living facing with a sudden of 400 US dollar expense about 40 40 of adults in the US would not be able to pay it outright according to every part from Federal Reserve even if you have a money saved you might not want to live of it as you might have planned to spend on your children education for instance or retirement and then what does disability
insurance cover disability insurance typically offers a percentage of your wages or provide a flight monthly payment of a specific length of time after you become unable to work and both of this range vary significantly the policy you choose and the amount of your monthly premium determines the level of benefits you receive and how long they will last here’s the types of disability insurance there are two main types of disability insurance short-term and long term the lack of time that you paid after becoming disabled it is called benefit period certain disability insurance typically offers you for three to six months say Coral Harnett president of council for disability awareness non-profit organization dedicated to educating adults about the importance of disability insurance she asks that employer often profile a discovery through a group plan making it low cost or even free option for the employees meanwhile long-term disability insurance can pay you for years after you become enabled work even if it period when you purchase a policy the length of which is usually reflected in your price of monthly premium depending on the provider you choose some policies continuous pay right up to retirement age many disability insurance policy also have elimination period or waiting period before you actually begin receiving payments from the insurance
company a policy with a star elimination parent means you will receive the money quickly but you will likely pay a higher monthly premium and then when you cannot return to work depending on the depending depending upon the plan design after two years of receiving long-term disability insurance you may be Affiliated to see if you can work at any occupation occupation I mean for which you are reasonably qualified says harness for example a surgeon Who develops a hand trimmer and can perform sugary anymore may be able to work as a medical director or consultant and then how much does disability insurance cost an individual long-term disability insurance plan costs about one percent to three percent of annual salary according to the life happens a non-profit dedicated to disability insurance education for example if you earn five fifty thousand US dollar a year your disability insurance will cost you like 500 US dollar to 1 500 US dollar per year how soon you want to receive benefits and how much of your paycheck you want covered by your policy are both factor in order to Tacos I think that’s all the information that I can say to you I hope this can help you uh if you maybe look for information about making an insurance you are in the right channel because in this channel you can find a lot of information about insurance and banking thank you so much for watching don’t forget to give like comment and subscribe