What Is Disability Coverage?

  1. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    Disability insurance is an insurance plan that is designed to replace your income up to 70% in case of an injury or illness so severe that you are no longer able to perform the duties of your occupation. There are two basic types of plans. The short term disability is designed to commence paying benefits within days or weeks of a disability. Long term plans have longer elimination periods but pay benefits for years and can pay out to age 67 years old. You may need both plan types.
    Answered on August 31, 2014
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  2. 63333 POINTS
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    Peggy MacePRO
    Most of the U.S.
    Disability coverage refers to the amount of cash your disability insurance policy would pay to you if you were unable to work for an extended period of time. Your coverage is based on your salary, and is a percentage of what you made while working at your place of employment.
    Answered on August 31, 2014
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  3. 160 POINTS
    Troy Holt
    Representative, Virtual Financial Group, Pensacola
    Disability is insurance protection to keep cash flowing coming in while being injured and/or sick. There is short term disability & also long term disability. Disability is sometimes on of the most overlooked tools for protection planning because a majority of people have the mentality "it will never happen to me" until it happens.
    Answered on September 2, 2014
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  4. 123 POINTS
    Everett Young
    Everett Young, CLU, Delaware Valley, Pennsylvania
    Disability insurance provides you with income if you are too sick or injured to work. The best policies can't be canceled, have rates that are guaranteed, and will provide benefits if you can't do you regular occupation. Don't let the premium for a good policy send you in the direction of a poorer one. One in four 25 year olds will be disabled longer than 90 days, and 50% of them will be disabled longer than 5 years. Buying a policy with a two year benefit period won't help if you are disabled for a long time. It is easy to think of being in an accident, but more than 90% of disabilities are caused by sickness!
    Answered on September 2, 2014
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