Disability insurance can be an important asset in your life. Take a look at these astonishing facts about individuals with disabilities:
-1 in 5 Americans lives with a disability
-More than 1 in 4 of 20-year-olds will be out of work for at least one year due to a disability
- 53% of Americans have less than $5,000 in emergency savings
Having a disability can include a number of sicknesses. If you have one of the following, you may be eligible for disability insurance:
-arthritis, cancer, heart disease, depression, challenging pregnancy conditions, or a challenging postpartum recovery.
When you have disability insurance, it gives you the freedom to recover without being stressed out about income. Disability insurance will protect a portion your income stream while you’re unable to work.
There are two types of disability insurance: long term and short term. The big difference is when you begin paying the benefits and the length of time benefits can be paid.
Short term disability is commonly used to pay for new mothers who are in recovery.
This type of policy, which can often be employer-sponsored, usually provides benefits to cover between 60 to 80% of your income for a period lasting between 3 and 6 months and no longer than one year.
Long-term disability insurance pays a portion of your income as long as you meet the policy’s definition of disability. Depending on the policy, it can pay up to 50-80% of your income.
Long-term disability insurance can often be purchased through your work benefits (at an added cost) or individually through an insurer you choose.
If you become disabled, God forbid, standard-unemployment benefits will likely not provide what it takes to replace your income. Disability insurance gives you the ultimate safeguard. Cosmo Insurance Agency in New Jersey will shop for the ideal plan, from the superior carrier, based on your individual situation.
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