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If you contract an illness or sustain an injury, you may be unable to make it out of bed, much less work. However, most employees only get a certain number of sick days, and the longer recovery takes, the more money they lose. Luckily, disability insurance covers the cost of your basic necessities when you can’t go to work. If you’re interested in obtaining this policy, learn more about it with the following guide.

What to Know About Disability Insurance

What does it cover?

While your policy won’t cover the full extent of your usual paycheck, it will provide a substantial percentage. Depending on the policy, you may receive anywhere from 60 to 80% of your gross monthly income. This is helpful for your recovery and protects any family members who rely on your wages.

Can I use Social Security Disability Insurance (SSDI) instead?

disability insuranceUnfortunately, it’s hard to get approved for SSDI benefits. In fact, 49% of claims are turned down. To receive this federal aid, you need to be completely disabled and unable to make a living in any industry.

Those who are approved also have to wait years before their benefits start rolling in. Therefore, it's important to secure your own disability insurance so you’re protected in the meantime.

Do I need it if I don’t do physical labor?

Even if you don’t work in a factory or a construction site, it’s still possible for a random accident to leave you incapacitated. For example, you might slip and fall on a puddle or get involved in a car accident. You may even be eligible for a claim if you develop debilitating illnesses, such as cancer.

What types of disability insurance are available?

These policies can be short- and long-term.

A short-term policy will offer benefits for ailments you can recover from in three to six months, such as broken limbs from falls. A long-term policy is for injuries or illnesses lasting five years or longer. Since premiums between the two are comparable, long-term policies often provide more benefits.

 

If you’re interested in this type of policy, turn to Ron Nall Insurance Agency. He helps Andalusia, AL, residents find the coverage they need for peace of mind. He’ll help you analyze the risks that come with your profession to provide recommendations for coverage. Visit his website to send him a message, or call (334) 222-3106 to schedule an appointment today.

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