Disability Insurance
Jacksonville, Florida
Statistically, a rather large number of American workers have to miss work every year. Although most companies have provisions for sick days, any long-term loss of income can be devastating and is a common cause of home foreclosures and personal bankruptcies in the United States.
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When you’re ready to shop for disability insurance coverage, it’s a good idea to check at work to see what options you may be eligible for through your employer. That does not mean a group plan is better than an individual policy but you will have an alternative to consider.
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Coverage Explained
If you have short-term disability insurance coverage, some percentage of salary or income may be paid to you as soon as there is medical evidence of your inability to perform your duties and responsibilities at work. The cause can be related to a sudden illness, an unexpected injury or the birth of a child. Most short term disability insurance only pays for the first six months that you are unable to work. If you are lucky enough to have coverage through a group plan, the number of weeks that you are eligible for benefits will likely be based upon your job tenure. Presently, only a handful of states require employers to provide short-term disability income and there are no state laws that mandate long-term disability plans. Long-term disability can last a lifetime but most long-term disability insurance carriers do expect individuals to retrain during the first two years of disability for a job they can perform. Naturally, in some cases, this is not possible and policies can even be structured to supplement Social Security distributions for permanent disability income.
FAQ
Frequently asked questions
Choosing the right life insurance policy depends on your financial needs, goals, and your beneficiaries’ requirements. The main types of life insurance include term life insurance, which provides coverage for a specific period, and permanent life insurance, such as whole life or universal life, which offers lifelong coverage and may accumulate cash value. Consider factors like coverage amount, term length, premium cost, and the policy’s cash value growth potential. Consulting with a financial advisor or insurance professional can help you make an informed decision.
Yes, you can make changes to your life insurance policy, but the options depend on the type of policy you have. For term life insurance, you might be able to convert it to a permanent policy without undergoing a medical exam. For permanent life insurance, you may adjust the death benefit or premium payments, or even access the cash value, subject to the policy’s terms and conditions. It’s important to review your policy regularly and discuss any potential changes with your insurance provider to ensure it continues to meet your needs.