Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A disability insurance plan pays you an agreed upon monthly amount for a period of time that you are disabled. Definitions for “disabled” vary and this is extremely important. Most policies provide benefits after a period of time passes. Most policies limit the time that benefits will be paid.
A disability insurance plan is a contract wherein the insurance company agrees to pay you a set sum of cash during the time you are "disabled". You pay a monthly premium to get this protection.
Depending on the wording of your policies and the features you choose, the policy could pay a large % of what your paycheck might have been simply because, e.g., you are unable to concentrate on your work due to symptoms of MS or side effects of being on pain medication. The other extreme is that your policy would not pay unless you cannot perform any job, even if you were a scientist but still able to work at a fast food restaurant.
As David said, the definition of "disabled" is important. Use a knowledgeable agent to be sure you get a Disability Insurance plan that provides the level of protection you'd like at the lowest possible price.
That is a great question! Disability insurance is a great way to "protect your paycheck". The way that it works is if you are sick or injured, and are disabled to where it prevents you from working, then after a specified amount of time, the policy begins to pay you a specified amount. The specifics can vary quite a bit, so look around, and have a good agent guide you, but this is a great thing to have, especially if you work in a hazardous job, area, or are prone to illness. Thanks for asking!
.JPG){kind=avatar}
Depending on the wording of your policies and the features you choose, the policy could pay a large % of what your paycheck might have been simply because, e.g., you are unable to concentrate on your work due to symptoms of MS or side effects of being on pain medication. The other extreme is that your policy would not pay unless you cannot perform any job, even if you were a scientist but still able to work at a fast food restaurant.
As David said, the definition of "disabled" is important. Use a knowledgeable agent to be sure you get a Disability Insurance plan that provides the level of protection you'd like at the lowest possible price.