Disability Insurance: Short and Long Term Disability Insurance

According to insurance companies, at least a third of adults Americans will become disabled for more than 90 days preventing them from continuing full time work. Statistics also reveal that one in every seven American workers will be disabled for five years or more. If these statistics are to be believed, a disability is a possibility even the most healthy, “normal” human being should consider.

When struck with a sudden disability, many are not sure how to deal with or what to do as they are now disabled and unable to work. For times such as these, a disability insurance may be helpful. This type of insurance helps you out with a basic regular income while you recover from your disability.

Federal Government Insurance For Disability

Most developed countries provide disability insurance from the federal government. Both short and long term disability are covered. In the USA, disability insurance is part of it’s Social Security and claimants either receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI).

Disability insurance provided by the government is available to all American citizens and is a luxurious safety net. It is especially beneficial for those who do not have disability insurance or are under insured with a private insurance company. Government funded disability insurance will not provide you with large amounts of money but atleast it will prevent you from sinking into poverty while you recover from your disability and cannot work.

The Social Security Disability Insurance is available to “insured” citzens aka those citizens who have paid all their taxes and have been in the work force long enough. For those who are “uninsured” and unableto qualify, the goverment provides the Supplemental Security Income on a financial needs basis.

Private Insurance For Disability

Many private insurance providers are encouraging workers to consider disability insurance. These companies provide short term disability insurance as well as long term. By paying a certain fixed amount every month, individuals can be protected against disability.

Each insurance company has different terms and conditions but in the long run, they each provide some sort of protection in the case of the insured being struck by some sort of disability. This is a worthwhile insurance option to consider.

Workers Compensation As Accident Disability Insurance

When individuals suffer work related injuries, they are provided workers’ compensation by their employers. This compensation acts as a sort of disability insurance as well. It not only pays for medical expenses but often takes into consideration loss of income, pay compensation and other general damages. If a worker is killed while on the job, their dependents are entitled to receive certain benefits as well.

While most people do not like to consider disability as a possibility, it may be a wise move to consider disability insurance. While the government does provide SSDI, it does not hurt to be further insured to ensure you and your family’s well being.

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