When it comes to the world of insurance, there are many options available to help protect your finances. However, this can make it confusing to know what you should purchase. One type of coverage that’s worth careful consideration is disability insurance. This can keep you from experiencing economic hardship should you need to miss work due to an injury or illness. To help you understand a bit more about this kind of policy, here are the answers to some of the most common questions people ask. 

What to Know About Disability Insurance 

How does disability insurance work? 

Disability insurance is designed to replace a portion of your wages if you’re diagnosed with a medical condition that prevents you from working. This will allow you to continue paying your bills and taking care of necessary household expenses while you’re unable to earn an income. A short-term policy typically pays out benefits for a few months up to one year, while a long-term policy offers coverage until the disability ends or you reach retirement age. 

When do I qualify for benefits? 

Your eligibility for benefits will depend on the plan you choose. Some policies require that the disability make you incapable of working in any capacity, but others will consider you disabled if you can no longer perform your current job duties. For example, if you’re a surgeon who isn’t able to perform operations anymore, but you can still provide consultations or teach medical students, you would qualify to collect benefits under the second type of policy.  

What determines policy premiums?

Insurance companies review a variety of factors when calculating coverage costs, including age, gender, tobacco use, location, occupation, and how much income you make. Generally, the younger and healthier you are when you purchase a policy, the lower your premiums will be. Although working in a high-risk occupation and earning more income will increase rates. 

How do I file a claim?

To file a disability insurance claim, you must fill out and submit a claim packet to your provider. This will detail your disability and the severity of your diagnosis, as well as include statements from your employer and physician. You may also need to send medical records as supporting evidence of your condition. 

 

For help securing reliable disability insurance that will make it easier for you to stay financially stable, turn to Robert Rung Insurance in Lincoln, NE. They provide personalized coverage solutions based on each client’s unique needs and goals. For more than 45 years, they’ve remained devoted to delivering high-quality products at competitive rates. Call (402) 483-2279 to request a quote, or visit them online to learn more about the services they offer.