Disability Insurance

Disability insurance can offer you up to 80% of your income if you’re unable to work because of an injury or illness. Having this security can help cover various expenses during unexpected issues. Insurance Lounge offers a variety of disability insurance products with policies that fit each client’s specific situation.

What Is Disability Insurance?

No one ever expects to be involved in an accident, but things happen. That’s why you should have disability insurance for income protection in case you can’t go to work. The benefits you receive from disability insurance can be used to pay for groceries, bills, or anything else you need. Before you purchase a disability policy, review our breakdown of your different coverage options.

How It Works

Understanding How Disability Insurance Works

If you have a disability policy, your insurer will periodically pay out benefits while you’re unable to work. The five features included in every policy are:

Premiums

This is how much you pay each month for your policy. The premium will vary based on several factors, including your health and the type of coverage you have.

Benefits

This is the amount of money you will receive while you are unable to work. Your benefits should not be taxed and typically covers between 60-80% of your usual income.

Benefit periods

This refers to how long you will receive benefits. Your benefit period will vary based on how long it takes to recover from your disability.

Waiting periods

This refers to how long you will have to wait before receiving benefits.

Definition of the disability

An own-occupation disability means you qualify if you can’t work in your own occupation. An any-occupation disability means you can only qualify for benefits if your ailment prevents you from any form of employment.

Disability Stretching

Factors That Affect Your Insurance Rate

Several variables can affect the cost of disability policies. Some of these factors include:

Age
Health
Occupation
Location
Salary
Benefits period

Common Types of Disability Policies

You can choose between disability insurance that is publicly or privately owned based on your position. You can also receive Social Security disability insurance if you’ve worked in jobs covered by Social Security or have a condition that meets the requirements.

Long-term Disability Insurance

Long-term disability insurance protects against disabilities that affect you for an extensive period. It will also cover serious injuries and illnesses that prevent you from returning to working permanently.

Short-term Disability Insurance

Short-term disability policies pay out benefits for less severe impairments that are expected to last for less than a year. This coverage provides up to 80% of your pre-tax income.

Insurance Lounge is committed to providing clients with a positive insurance experience so that policyholders understand what benefits they have. Along with disability coverage, we also offer health insurance, homeowners insurance, auto insurance, and more. Our insurance concierges can offer assistance in person, online, or over the phone. To get a free quote, fill out our form .

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