Disability insurance is usually included with a job’s benefits package. The coverage pays a portion of a worker’s income when they are unable to work because of an injury or illness. It doesn’t replace all of the income, but usually pays more than fifty percent of it.
Insurers have a list of approved circumstances that qualify for disability. The illness can be physical or mental, it all depends on how the situation affects the worker’s ability to do their job. The severity of the condition and the doctor’s diagnosis play a big role in determining if the worker is eligible for disability.
If you think you’ll need disability, then let your employer know as soon as possible. You have to apply for disability, and it may or may not get approved. The sooner you contact the insurance company, the faster they can deny or approve your claim. If the claim is approved, then you’ll receive a portion of your payment for the duration of the time you’re unable to work. The insurance company will determine if you need short term or long term disability.
If your policy is part of your worker’s benefits, then your premium will be deducted from your paycheck. And your employer will pay a portion of the premium, which means it will be more affordable. But if you have a policy that you purchased on your own, then you’ll have to pay a monthly premium to keep the policy active.