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Disability Insurance

Disability Indemnity Plan

Are you not capable to work? A Disability Indemnity Plan would be right for you. It can replace a part of your lost earnings. A significant difference in such plans is that some of disability indemnity plans offer advantages only if you can't do a job (an occupational disability) and some others offer benefits if you can't continue your previous work (own occupation disability).

Some medical indemnities are a combination of these two forms of disability. For instance, some disability indemnity plans provide a part of your earnings only if you can continue your previous job as a part timer; while other plans will not provide such facility.

Disability can challenge your economic condition and a disability indemnity plan can safeguard you financial condition. One good thing about disability indemnity distribution is that this is mostly tax-free.

Will my employer's plan cover my disability?

Perhaps, but most of the disability indemnity plans funded by the employers hit the highest point at 60% or a specific amount of money on monthly basis, which might not be equivalent to your present monthly salary. Employer-funded program advantages mostly trigger taxes.

Does Social Security provide disability coverage?

Not precisely. Social Security only provides restricted financial support to comparatively less number of disabled people as well as does not provide coverage to a disabled individual till at least one year has gone without any possibility for recovery.

Special Concerns

The expenditures for disability indemnity plan depend on the type of work you do. Disability indemnity is costlier for the persons doing high-risks works such as construction job.

Just consider how long you can wait to get financial benefits - this is very much significant! Most individuals select 3 months; however there are normally several choices. The more you can wait to get benefits, the cheaper your indemnity premiums will be.

Also note how long the disability indemnity plan will cover your disability. Some of them pay for the remainder of you life; while some others can be as small as 2 years only or sometimes even lesser.

You premium-rate and payments are safe with Non-Cancelable disability indemnity plan. If the plans are renewable, then guaranteed renewable plan premium rates can be changed.

Make sure that the indemnity can make alterations for price rises as well as rising income - $3,000 per month may be good as of now but may not be so after about 10 or 15 years from the date.

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