There are essentially two types of disability insurance policies available from insurance agents:
- Short Term Disability
Short-term disability insurance requires a waiting period of 0 to 30 days before you can draw benefits. There’s typically a benefit period of just a month up to two years depending on the policy.
- Long Term Disability
Long-term disability insurance typically has a waiting period of several weeks to several months with a benefit period ranging from a few years to your age 65. This type of policy would give you greater security since it protects your income for many years.
Some options to consider when purchasing a disability policy:
Does your policy contain a residual or partial disability rider? This allows you to return to work part-time and collect part of your salary while receiving a partial disability payment as long as you are still disabled.
What is the maximum benefit period and waiting period that has to be met after a disability occurs?
Other types of disability insurance policies to consider:
Business Overhead Insurance
Business overhead insurance helps to pay for the reimbursement of business expenses if you become disabled. It will help you pay rent, salaries of employees, utilities, and other expenses.
Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.