What is Disability Insurance? "The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program." -Social Security web site, June 2006
The Social Security office will want to check your medical history to be sure you qualify for disability benefits. The Social Security office is one way to get disability benefits, but in most cases these benefits will not be substantial enough for families.
Disability insurance can be obtained through any number of insurance companies. In the event that you are disabled, this insurance will serve as financial protection. You will receive a percentage of your gross income from your disability insurance policy, income that will ensure your own financial safety.
You do not have to go through the Social Security Office to take out a disability insurance policy, nor to receive the benefits from that policy. The Social Security disability program is not related to any disability insurance policy that you take out.
"Individual disability insurance is truly a basic concept. It is an insurance product designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability insurance policy from every insurance company is very different, this is not a product to simply shop for the most competitive rate. To buy the cheapest disability insurance policy on the market is to throw money away. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract." -About Disability Insurance web site, June 2006
Types of Disability Insurance Most people are familiar with two types of disability insurance: short-term disability, and long-term disability. Short-term disability insurance is included as part of a benefits package with many different employers, and usually provides an income in the early part of disability. Short-term disability insurance generally provides coverage for a period of several weeks, and does not exceed a two-year term.
Long-term disability, however, can last for a period of several years. These types of policies may be included as a part of employment, in a benefits package, but many purchase these disability insurance policies individually.
As far as disability insurance goes, however, there are still more policies to learn about. One type of disability insurance is the Own-Occupation Disability Insurance. The definition of this policy reads:
"The inability to perform the material and substantial duties of your regular occupation, the insurance company will consider your occupation to be the occupation you are engaged in at the time you become disabled, they will pay the claim even if you are working in some other capacity."
Another kind of disability insurance is the Income Replacement Insurance. This is a very popular type of disability insurance, and most insurance agents are familiar with this policy. The language of this type of disability insurance reads:
"Because of sickness or injury you are unable to perform the material and substantial duties of your occupation, and are not engaged in any other occupation."
Common in employee benefits packages, Gainful Occupation Coverage is another popular form of disability insurance. The language here is worded very carefully:
"Because of sickness or injury you are unable to perform the material and substantial duties or your occupation, or any occupation for which you are deemed reasonably qualified by education, training, or experience."
Getting disability insurance has never been easier. While some people work with a traditional agent, some would like convenience of getting insurance online, or avoiding the salesman altogether. How is this done? Brokers are now providing online visitors with simple ways to get affordable disability insurance.
Applying and registering online can be simply done in two steps. Step one, you type in the quote form with a specially designed encoder and input your credit card numbers for a premium deposit. Step two, the online insurer will send you an email containing a validation of your payment, as well as documentation that you are now eligible to avail of their services. Some insurance companies do not go so far as to check further details and personal background and will enlist you immediately.
Do be careful about online disability insurance quotes and make sure that you are purchasing an authentic insurance policy. Do not rush into getting a quote because there are quite a number of online scams with virtually no existing company whatsoever and only waiting for the opportunity for you to punch in your credit card numbers.
Try to read between the lines and research well before investing in any disability insurance quote, for that matter. Check the insurance company's goals and coverage specifications if they match your professional preferences.
Disability insurance quotes online are even more innovative and creative in providing quality service and financial protection to clients. Here are a few new ideas that have evolved in insurance policies.
Disability insurance plans can now be availed of in five days or less. This quote is very helpful when you are traveling and need insurance for emergency conditions, whether it is a terrorist attack, transportation accident, etc. The insurance policy will cover all medical costs and unnatural disaster damages for free.
International plans can now be purchased and are readily available for every citizen of the world. The disability insurance has a worldwide coverage and will compensate income loss and business declines, as well as provide additional benefits through appropriate agency channeling wherever you are around the globe.
Student disability insurance policies are also available and have been proven useful for students studying away from home. Education, transportation, lodging, food, and allowance will be compensated and provided. Added benefits are privilege applications for scholarships and international exchange education opportunities.
Accident plans have recently been developed for individuals living in high risk locations or have high risk jobs. It would be difficult to avail disability insurance if you are considered a high risk applicant; but with these new accident plans, no underwriting is needed; and you can immediately receive benefits a day after your application is approved.
These amazing possibilities have expanded financial security throughout the world and even to races that do not understand fully the importance of disability insurance quotes. Online registration is open and you can get in touch with different policyholders and applicants, so you can discuss and evaluate the different offers and advise one another which policies and preferences will best aid your financial interests and needs during times of disability.
Both Robert Lawrence & David Wilkenson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Robert Lawrence has sinced written about articles on various topics from Health Insurance, Homeowners Insurance and Insurance Quotes. Robert co-founded Insurance4USA.com, an , in 1999. He has been a licensed insurance agent in New York State since 1990.. Robert Lawrence's top article generates over 4400 views. to your Favourites.
David Wilkenson has sinced written about articles on various topics from Health Insurance. David Wilkenson is a disability insurance specialist and a contributing writer for . On this website, you can find out more information about. David Wilkenson's top article generates over 1000 views. to your Favourites.