If you become disabled due to a medical problem or an accident, your life will take a bad turn. You might not be able to return to work for several months. In case of a permanent disability, you cannot fulfill the financial demands of your family members. That’s why, it is suggested to contact companies that offer disability insurance and buy a suitable product. When interacting with them, you should be aware of the basic terminology of disability insurance.
Understanding Disability insurance
It is a product that offers you financial support if you become ill or injured and cannot work for many months. Some of the medical conditions that are covered in this product include cancer, arthritis, brain injury, heart diseases and mental disorders. The amount that you will receive depends on your medical condition and is enough to pay your bills.
These products are also offered by the employer in which he pays most of the premium. An individual can also buy disability insurance from any insurance company. Therefore, if you are working and completely dependent on your income, you should buy this product to save yourself and your family from financial difficulties.
Definition of disability
Many people get confused about the disability definition. It can be elaborated as below:
- Own occupation– It is termed if the person becomes disabled when he was still working with the company. Due to a medical problem and an injury, he has become disabled.
- Any occupation- A person is considered disabled to perform any job after getting ill or injured.
Disability insurance options
If you are planning to buy this product, you majorly have two options:
- Group disability insurance- Many employers offer benefits to their employees if they become ill or injured. They pay the entire or partial premium. This is one of the cheapest insurance products because the employee has to pay a little or no premium at all.
- Individual disability insurance- If you want to buy an insurance product on your own, you will have to contact the insurance company and ask for the options. You will be responsible for paying the entire premium.
Disability insurance claims
If you become disabled due to a health problem or an injury, you have an option to file a claim with the insurance company. If they reduce the amount or refuse it, an LTD attorney will help you get the amount or file the lawsuit.