Disability Insurance Policies Are Designed To Pay Partof Your Wages Should You Be Injured In An Accident Orare Unable To Work Because Of Illness. Here Are Twotypes Of Policies Available: Long-term Disability Andshort-term Disability.Short Term Disability Pays A Portion Of Your Wagesshould You Be Out Of Work Due To Injury For Up To Oneyear. Some Employers Pay For This Benefit For Theiremployees, Some Offer It For Employees To Purchase.If You Have A Pre-existing Medical Condition, The Timeto Enroll Is During The Initial Enrollment Period Whena Medical Exam Is Not Required.Replacement Of Wages Is Only Partial; Insuranceunderwriters, As Well As Your Employer, Want You Backat Work As Soon As Possible. Usually There Is Awaiting Period Of 14 Days In Which You Will Notreceive Payment.Long Term Disability Policies Are Purchased To Replacewhat Your Potential Earnings Would Be From The Timeyou Become Disabled Until Age 65 When Medicare Wouldbe Available.For Instance, If You Are 55 And Make 40,000 Per Year,you Should Purchase A Policy For 400,000.You Cannot Get A Long Term Disability Policy If(1) You Are Or Are Soon To Be Pregnant,(2) Make Less Than 18,000 Per Year,(3) Are Unemployed, Or(4) You Are Required To Carry A Weapon For Your Job.Typically, The Waiting Period For Long-term Insuranceto Kick Is At Least 60 Days And As Much As A Year.Disability Insurance Is An Important Aspect Of Youroverall Insurance Coverage Plan, And If Your Employeroffers It As A Benefit You Should Definitely Considerit As A Wise Investment.
