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The Purpose of Disability Insurance If for some reason a person gets injured and disabled in an accident rendering him unable to work for the rest of his life or if he becomes sick of a disease that also prevents him from working, then having a disability insurance will guarantee long terms financial benefits. There are three ways by which disability insurance can be disbursed, either as a short-term disability, long-term disability, and paid sick leave. If you lose income from work because of a sudden accident and disability, your disability insurance will be able to replace the income that was supposed to be yours if you are able to work. If order to receive disability benefits you should be eligible for it, and this eligibility conditions are contained in your disability insurance policy that you purchase. In the policy, there will be an explanation about what constitutes a disability. there is a specific time period that you should have been on leave before you can receive benefits from your disability policy. It is in the policy how much your benefits are and how long you will be covered. There are policies that continue paying the beneficiary for as long as he is disabled and there are also policies where the insurer sets the time limit for the payments. There are factors that determine the disability policy premiums that you pay and these factors are devised by the insurance company. This can include risk factors associated with the type of work you are involved in. People employees in high risk jobs like explosive demolition of building are usually charged a higher premium than those whose jobs are low risk like a company receptionist. Disability benefits are designed to replace lost income so you can use the payments for your own personal needs. What you will get from your disability benefit is no more than 60 to 70 percent of your normal taxable income.
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It is best to get a quote from the insurance companies so your will know what is in it for you since there are differences in the insurance policies of each company. Don’t purchase a policy until you are sure what is included in it. Cheap policies may not be the best ones. cheap policies might not include some incidents that results in injury of sickness so don’t forget to read the policy carefully.
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The different of this with workers comp is that in workers’ comp it is disability from workplace injury or sickness. Private disability insurance makes you choose the benefit level, buy the policy yourself and pay the premiums. This policy will be enforced even if you don’t stay with your current place of employment. Disability insurance should be acquired by those who are employed.