Disability insurance is the most painful income someone could have while it is a great choice! Sometimes an accident or an injury can change a life and perhaps cannot work as before. This tragedy bothers people a lot, especially when they are young, energetic, and healthy. This accident or injury may cause losing legs, losing sight, losing hearing power, cerebral palsy, or other physical impairments. These physical impairments may cause problems in daily life for individuals, and they need something more than health insurance. Disability insurance is coverage for people with different disabilities.
The most valuable asset is the body and the ability to make a living, not home, not properties, and not even a retirement account. Of course, all are important, and people need a place to live, need money to feed, etc. However, disability insurance lets people have a stable life.
When it comes to disability insurance, people think of the worst-case scenarios like spinal cord injuries, cancer, heart attack, or any other dreadful diseases—this kind of insurance coverage short-term and long-term.
Duration of insurances
Short-term insurance: this insurance has a period depending on the type and insurance institution, and the whole time is between 3 months to two years and not more.
Long-term insurance: depending on the type and the insurance institution, the period is from several weeks to lifetime insurance. In this kind of insurance, a percentage of the lost income will pay for a determined period.
Types of disability insurance
Disability insurance gives the chances to:
- Citizens will be paid a percentage of covered earning: to cover the illness or the injury, and the insurance institute will pay some money for some time if they cannot work.
- Citizens will be covered for Mortgage: this kind of long-term insurance covers people’s mortgage payment if they cannot work for a while.
- Social Security Administration will pay citizens: this is the most challenging type of disability insurance to qualify for. They support citizens when they have a medical condition that expects to last at least one year or more or die.
- Citizens will be paid for Supplemental Disability Insurance: this insurance may differ between the amount of money they receive from the employer disability policy and citizen actual monthly expenses.
- Citizens will pay because of their business: this is a kind of disability insurance that supports people if they have their own business and are self-employed, and some disabilities prevent people from working anymore.
- Citizens will be paid if they are Worker’s Compensation: if citizens work for a company and get injured to not work for a while, this kind of disability insurance will support them.
If anyone thinks they need disability insurance and never taken any action, it is time to do something useful than sitting at home, grieving, and doing nothing! It is about living! Of course, these six types of insurance are not the whole disability insurance in the world. Different kinds of insurance are appropriate for people with different kinds of disabilities.
If anyone thinks that insurance conditions apply to himself/herself and need disability insurance support, consult with an insurance consultant. They are here to help citizens. Free the mind from the expenses, so only can focus on other aspects of life to enjoy! Think of sports, painting, singing, writing, and many other things to feel alive. Feel free to claim disability insurance. Insurance institutes will make quick decisions and will not take it long.
Citizens of the European Union could find out their rights, such as unemployment benefits, pension rights, family benefits, and other social security rights, country by country on the European Commission website.