6 Things to Know About Disability Insurance

1. Disability statistics tell a story.

According to the Council for Disability Awareness, some of the most common reasons for disability include back injuries, cancer, heart disease, and other serious illnesses.  When a long-term disability occurs, the average time of absence from work is approximately three years. With no pay check and security, most workers feel that they are put into a financial pinch. 

2. Disability benefits can be used for any expense.

Disability is a wise thing to have, even if it's not required. It allows you to receive a portion of your gross income, this can be used and spent any way you'd like. You could use disability benefits on things such as mortgage, rent, everyday expenses, credit card payments, and so much more. 

3. Disability insurance is for all workers.

It is not required to have a high gross income to have disability insurance, coverage is suitable for anyone who relies on their income to pay their living expenses. Having an illness or injury could mean having medical bills and other expenses, for these reasons, just about anyone who works should have a disability policy. 

4. You can purchase your own disability insurance.

If you don’t have the option of getting a disability policy at work, you may be able to purchase disability coverage on your own. In general, your health status will be a factor in the premiums charged for an individual disability policy. Having your own coverage gives you the flexibility because it typically stays with you if you need to change jobs. 

5. There are different types of disability insurance.
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There are two main types of disability policies:

• Short-term policies typically have a waiting period of up to 14 days and pay a maximum benefit for no more than two years. 
• Long-term policies have a waiting period of up to several months with a benefit that can last for the rest of your life. 6. Disability insurance comes with different protection features. 

6. Disability insurance comes with different protection features. 

There are other benefits that you may be able to purchase at an additional cost with your disability insurance policy consist of (but are not limited to):

• Cost of living adjustment increases your benefit over time based on the Consumer Price Index.
• Guaranteed renewable allows you to renew a policy with the same benefits.
• Return of premium requires that you receive a partial refund of your premium if no claims are made during a certain period. 

If you have any questions about your disability insurance policy or want to your own, contact a Trout Insurance agent today!