The Importance of Disability Insurance
Many people think that disability insurance is an unnecessary extra expense; they are wrong. A disability can occur at any time. If the disability is severe enough, it will prevent the person from being able to work and provide for their family. Food, mortgage payments, and other monthly bills cannot be paid without a steady income. Personal disability insurance provides monthly income to keep the household afloat. Disability insurance is a necessary extra expense.
Government Disability Insurance Coverage
Every state in the union provides some form of disability coverage in the event of an unforeseen illness or accident. This coverage does not automatically kick in, however. A person must apply for disability insurance coverage from their state after the illness or accident has occurred, and there is no guarantee that the person will be approved to receive coverage. The other disadvantage to relying on state disability insurance coverage is that the amount received monthly is only a percentage of a person’s normal paycheck.
The same holds true for Social Security disability insurance. Social Security disability insurance is a program provided by the federal government for long-term disability sufferers. Much like the state programs, however, Social Security disability insurance coverage is not automatically approved for every individual. It is up to the discretion of the Social Security agency to decide whether it feels the disabled person qualifies for Social Security disability insurance coverage. Consequently, this type of disability insurance coverage is also not guaranteed.
This is where personal disability insurance coverage plays an important role in anyone’s personal insurance coverage needs. Because the two different types of government disability aid are never guaranteed, disability insurance companies offer short and long term personal disability insurance coverage options to anyone looking to add that extra layer of protection in the event of an unforeseen illness or accident. Even if the disabled person is covered by the state and/or federal government, personal disability insurance coverage supplements the additional income not supplied by the government to keep a household better afloat.
Short Term versus Long Term Disability Insurance Coverage
Disability insurance companies offer short term personal disability insurance coverage for a temporary disability that will only keep the worker out of the work force for six months or less. Aflac short term disability is an example of this type of coverage. Aflac short term disability provides supplemental income that represents a percentage of the disabled person’s total salary. Aflac short term disability insurance coverage will cover expenses over and above what the state disability coverage pays.
Long term disability insurance coverage kicks in when short term disability insurance coverage expires. Long term disability insurance is for those who are disabled for an extensive period of time and may never be able to return to work again. Social Security disability insurance is an example of long term insurance coverage. However, disability insurance companies offer long term personal disability insurance coverage, as well.
Personal Disability Insurance Quotes
A disability insurance quote might make the difference between the insured choosing short or long term coverage. The disability insurance quote gives the person a chance to see how much each type of coverage impacts the monthly budget. It also helps the person choose the disability insurance company that provides the best coverage for premium paid. No consumer should purchase personal disability insurance coverage without obtaining a disability insurance quote first.
In fact, it behooves any consumer to obtain multiple disability insurance quotes from several different companies. Insurance coverage and cost varies – widely, at times – between personal disability insurance providers. A consumer who receives multiple disability insurance quotes can choose the policy that best suits their personal needs in comparison with the state coverage they have access to in their state of residence. Multiple disability insurance quotes give a consumer the knowledge they need to add the right personal disability insurance coverage to their personal insurance plan.
Consumers can obtain disability insurance quotes directly from disability insurance companies, online, over the phone, or by contacting their insurance agent. Once the consumer reviews the quotes and picks the best coverage, they will be required to fill out paperwork to begin the personal disability insurance coverage. As soon as the insurance company reviews and approves the insured for coverage, the consumer will make their first payment and coverage begins. What a relief for consumers to know that in the event of an untimely illness or accident, their family is covered under personal disability insurance coverage.