A debilitating injury or serious illness can happen when you least expect it, even if you’re young and healthy. While Social Security does provide some benefits to those unable to work, those payments may not be enough to cover your expenses, and qualifying can take months or years. A private disability insurance policy offers the security your family needs, with income replacement if you’re unable to work. Here’s what you should know about this essential type of coverage. 

A Brief Guide to Disability Insurance

What Is Short-Term Disability Protection?

Even if you’re expected to make a full recovery, many medical issues or accidental injuries can leave you out of commission for weeks or months at a time. Unless you have enough savings to cover your housing, bills, debt payments, and other expenses, a medical emergency can also become a financial disaster. To insulate you from risk, insurers offer policies that cover short-term disability, along with others that provide benefits if your impairments are permanent.

What Are the Different Qualifications for Disability? 

Like the Social Security Administration, many policies only consider you disabled if you’re unable to perform any meaningful work at all. However, others have a more lenient definition of disability, making you eligible for benefits if you’re unable to return to your previous occupation. In general, insurers work with your medical team to determine the extent of your disability and whether you’ll be able to earn enough to support yourself.

What Is the Elimination Period? 

Every disability insurance policy includes a minimum time period of disability before benefits begin, known as an elimination period. For instance, if your disability insurance has a two-week elimination period and you recover from an accident in 10 days, you won’t receive any benefits at all. When weighing disability insurance options, be sure to compare the elimination periods before making your choice.

Insurance provides stability in an uncertain world. Ensure that your policies are tailored to your unique situation by relying on Nicole Gumm Groseclose Insurance Solutions. She’s been serving clients throughout Clifton Forge, VA for over 15 years, offering a variety of options from several of the industry’s leading carriers. Visit her online for more on her broad range of financial services or call (540) 968-1569 to request your free disability insurance quote.