Seek Kent A. Bennett Associates Inc. If You Can’t Work Per a Disability
Disability insurance provides security and peace of mind. We understand that well at Kent A. Bennett Associates Inc. If you can’t work due to an injury or illness, having disability insurance supplements some of your lost income. Our blog topic this month explains:
- What kind of occupation disability determines disability insurance eligibility
- The differences between short-term disability and long-term disability
- What to expect with a disability insurance monthly benefit
Disability Insurance Depends on Own VS Any Occupation Disability
Own Occupation disability insurance and Any Occupation disability insurance define disability differently. With own occupation disability, it’s a condition that prevents the insured from performing the necessary duties required for specific work. It narrows the scope to the insured’s specific occupation. Any Occupation disability insurance defines disability as being unable to work at all due to illness or injury. Any Occupation disability insurance is sometimes referred to as general disability insurance. Short-term disability that converts into long-term disability can be either any or own occupation disability insurance.
Short-Term Disability and Long-Term Disability Policy Coverages Differ
Short-term disability insurance covers someone immediately following a serious illness or injury. Short-term disability monthly benefit periods usually last three months, six months, one year, or two years. Long-term disability insurance kicks in after the short-term disability monthly benefit period ends. Long-term disability can maintain the insured’s lost income replacement even to retirement, depending on the disability insurance plan.
What You Can Expect with Your Disability Insurance Monthly Benefit
When applying for disability insurance, there’s always a waiting period. Typically, the waiting period is 14 days before you start receiving disability insurance monthly benefits. Once you start receiving your disability insurance monthly benefit, don’t be surprised if it only covers a portion of your earned income. Generally, disability monthly benefits only cover up to 60 percent of lost wages due to illness or injury. Take heart, though … disability insurance monthly benefits are paid for with post-tax funds, so it’s usually tax-free.
For more information about insurance, call Kent A. Bennett Associates Inc. at (800) 548-9119. Follow us on Facebook for updates. We are happy to explain more about how disability insurance provides security and peace of mind.