Should an individual become disabled in the near future and was left unable to work for a few months, most people would not have enough money set aside to cover the cost of their living expenses. You would need to get some long term disability insurance quotes. It is situations such as these in which […]
Should an individual become disabled in the near future and was left unable to work for a few months, most people would not have enough money set aside to cover the cost of their living expenses. You would need to get some long term disability insurance quotes. It is situations such as these in which short-term disability insurance should be sought out. Short-term disability insurance pays part of an individual’s pay if they become temporarily disabled and unable to work for a few months. On the job injuries are covered by workman’s’ compensation however, not short-term disability insurance.
Short-term disability insurance typically covers just under half of what an individual received as monthly income from their job. Such policies typically last a very short time, ranging anywhere between three and six months at the most. Short-term disability insurance policies have a predetermined cap that dictates the amount of money that a person is eligible to receive on a monthly basis, and there is a limit of how long someone can be on short-term disability income protection insurance. Most people begin receiving their money within two weeks after they have become disabled, depending upon the nature of the disability. People that have sustained injuries typically start obtaining their money quicker than those that are ill. This is because it can take time for someone to prove that their illness prevents them from being able to perform the necessary duties that their workplace requires.
While premiums are typically rather costly, people typically purchase life insurance at the same time that they acquire disability income protection insurance. Individual short term disability insurance plans are available only on a very limited basis, if an insurance company decides to offer them at all, whereas group short term disability policies are widely available. Group plans rarely require a physician’s visit before they begin to take affect, whereas individual plans have more stringent requirements.