Disability Insurance 101

  • By interactive
  • 06 Jul, 2017
disability insurance paperwork - Winters Insurance - Quincy, IL

Have you ever though of how you would support yourself in the event of an injury?  With the average worker having an almost one in four chance of being disabled before 67, the topic of disability is worthy of discussion. For example: Let's say a person who makes $50 grand a year loses ten years of work due to an injury. Ten years of work lost roughly equals out to half a million dollars (which doesn't include money spent on medical expenses). So considering the financial effects of an injury or illness, setting yourself up with disability insurance is the best way to prevent your world from turning upside down after an unforeseen circumstance. Here's a look at some of the disability insurance plans that could apply to you.

State Workers' Compensation Insurance

If you happen to get sick or hurt on the job, it's likely that you'll be looking into State Workers' Compensation Insurance for benefits. You don't have to pay for this assistance and the benefits can include medical care related to the accident and a percentage of your salary. However, your employer must reach an employment quota and the guidelines/rules for this insurance vary by state.

Social Security Disability Insurance

Many individuals assume Social Security is reserved for those who have retired from the workforce, but there are a few exceptions to this rule. For example, if you have been disabled from an early age, you might be able to receive Social Security Insurance benefits. If you're in a position whereas you were injured or hurt and you can no longer work, you could receive Social Security Disability Insurance. However, you might only receive small payouts (compared to what you were making) and your benefits could be reduced if you happen to be receiving workers' compensation with SSDI.

Workplace Private Disability Insurance

Depending on your employer, you might have Workplace Private Disability Insurance. These insurance plans are broken down into two different types: short and long term. Before you can collect with a short-term plan, you'll need to be disabled for 8 to 15 days before benefit collection is possible. With long-term plans, they take about 3 to 6 months to kick in benefits and they allow you to add additional coverage to cover financial holes.

Private Workplace Plans

If you have a pre-illness or pre-injury, enrolling into a Private Workplace Plan wouldn't be such a bad idea. When these are offered through a workplace, they tend to offer satisfactory coverage and low premiums. It's also worth noting that these plans will be sold to you at a group rate and your employer will not benefit from your purchase of these plans.

Association Policies

Although these are policies that you should purchase on your own before an accident or illness, they can usually be purchased through professional associations or groups.

Private Individual Coverage

Considering your options, it's mainly up to the coverage you can afford and the occupation you work in order to decide the plan you'll need to cover yourself. If you have a desk job, it's less likely you'll be injured; If you work in construction, there's a possibility you could get hurt. After weighing these options, you'll have no problem deciding the disability insurance plan that's right for you. Contact Winters Insurance today to learn more about our disability insurance services.

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