A Brief Guide To Disability Insurance

Did you know that over 1 billion people worldwide live with some form of disability? And, although this overwhelming number is increasing with each day, many people still focus on health and life insurance policies, forgetting the importance of disability coverage. You shouldn't make the same mistake, considering you or a loved one can get disabled by numerous circumstances, including an auto accident, occupational injury, assault, or slip and fall. Keep reading to learn more about disability insurance.

What is Disability Insurance?

Generally, disability insurance is designed to offer you a percentage of your income if you get injured or fall sick and cannot work. The monthly payments you receive when that happens are known as disability benefits. They are essential in ensuring you and your loved ones are provided for, especially if your job is your sole source of income.

Basic Types of Disability Insurance

There are two basic disability insurance policies:

1. Short-term disability policies

Short-term disability (STD) insurance primarily covers you against income loss caused by a temporary disability. That means this policy guarantees you'll receive part or all of your income after an injury or illness affects your ability to work. Therefore, short-term disability benefits both the employee and employer by cushioning the former against financial hardships and allowing the latter to seek new talent as the disabled employee is recuperating. Note that employees covered by worker's compensation are not eligible for short-term disability insurance. Plus, to qualify for short-term disability benefits, you must have a medical condition that prevents you from working for several weeks or months, such as a severe illness.

2. Long-term disability policies

Long-term disability (LTD) insurance is tailored to provide financial support to employees whose ability to work has been undermined by an illness, injury, or accident. That means, to qualify for long-term disability, you must be a victim of an adverse event whose consequences are likely to keep you away from active employment for an extended period. Although some people are well-acquainted with LTD insurance, many still don't know conditions like cancer, nervous system disorders, mental health problems, and musculoskeletal disorders are grounds for qualification.

Claiming Disability Benefits

Disability benefits go a long way in protecting you against a financial crisis when an injury, disease, or accident affects your working ability. But, before enjoying that advantage, you must make a claim. If approved, you get awarded full benefits; if denied, you receive nothing. You need to hire a skilled attorney to increase your claim approval chances. Attorneys know the medical evidence required to win a claim and have adequate experience interacting with medical practitioners. In addition, reputable lawyers handle numerous disability cases constantly and therefore are experts at dealing with court processes associated with them. 

Contact a local lawyer to get disability benefits assistance.