Types of Disability Insurance
If the illness or injury incurred by the account holder only lasts for a few days or weeks, then this type of disability insurance is applicable for this scenario. In this case, a percentage of the lost salary is covered if the insured cannot work for more than a few days due to the injury. The payment is given to the policyholder once the available sick leave has been used.
During the first few weeks of receiving payments, the amount of money given to the insured is almost as much as he or she usually receives every payday. However, the payout goes down to as much as 60 percent during the succeeding payments. The coverage depends on the policy, but the standard scope is six months. Since there is a limited number of payments (as it is only for short-term disability), the insured runs the risk of worrying about further sources of income in case full recovery has not been achieved once payouts have ended.
3 Reasons to Consider Long-Term Care (LTC) Coverage
Family –The last thing most people want is to become a burden to their family.
Home –Most people prefer to get the care they need in the comfort of their own homes.
Nest Egg – People don’t want to risk spending the assets they’ve worked a lifetime to accumulate to pay for LTC services.