| Many individuals struggle to understand what disability | | | | percentage of your income based on your occupation, |
| insurance covers. There are two basic forms of | | | | the hazard of your responsibilities, and your income. |
| disability insurance, short-term and long-term disability. | | | | The elimination periods for disability policies usually |
| Short-term as its name implies is for a short period of | | | | range from 30-365 days. If you become sick or |
| time usually less than a year. Group short-term | | | | disabled, exceed the elimination period, and become |
| disability is more prevalent in the work place than | | | | certified by a physician as unable to work, you may |
| long-term. One of the failures that individuals make is | | | | receive a tax free benefit except in rare cases (your |
| assuming that their policy covers 100% of their income. | | | | employer pays for the policy). The policy is |
| The policy usually covers up to 66 2/3%, it may be | | | | coordinated with any group disability benefits you may |
| only be 50% for 13 weeks only. (Check your | | | | be receiving as well as Social Security Disability |
| employee handbook) Uncle Sam allows you to get the | | | | Insurance if you qualify.Things to consider when thinking |
| benefit tax free, but you cannot get more in benefit | | | | about Disability Insurance:Can I get sick?Do accidents |
| than your pre-tax salary. It is very important that | | | | occur?Can I afford to self-fund?Can I live off my |
| people read their employee benefits carefully.The two | | | | savings?Does my coverage at work cover short-term |
| main definitions used to define if benefits under a | | | | & long-term disability?Matt McWilliams is one of the |
| disability insurance policy are paid include own | | | | co-founders of HometownQuotes.Com, an online |
| occupation and any occupation. Own occupation | | | | insurance quotes web site. He is originally from |
| disability means you are unable to perform the | | | | Pinebluff, NC and attended Middle Tennessee State |
| substantial duties of your current position in a nutshell. | | | | University. He is considered an expert in the field of |
| Any occupation includes the duties of a job that you | | | | online insurance shopping and finding new ways to help |
| have been trained for through education, training, or | | | | consumers save money on their insurance. |
| experience.Individual disability policies cover a | | | | |