At Texas Insurance Agency, we offer Short Term & Long Term Disability Insurance. If prevented from working because of an injury or illness Disability Insurance protects you financially. Acquired costs from being away from work are what is covered. In addition to that, Disability Insurance can cover a portion of your income.
Get Disability Insurance and cover the expenses you are still responsible for if you are injured and unable to work. Paid to you directly are the benefits are written into your policy. This way, you can still take care of your responsibilities.
The writing process of your policy is where the amount for your benefits will be decided. When coming up with this amount, evaluations are made, and certain terms are taken into consideration. It is possible to get up to 70% of your income, but this is still dependant on your policy.
There are two types of disability insurance. The first being Short Term Disability Insurance and the second being Long Term Disability Insurance. The main difference between both has to do with the period that you receive your benefits. Read more specifically about each insurance below.
Short Term Disability Insurance
As can be determined by the name of the policy, Short Term Insurance is to insure you for a short period. Wait about 14 days for the claim to be processed after it is filed. After those 14 days, your benefits will kick in.
Coverage for this policy can last for 3 months, 6 months, or one year. Depending on the coverage period that you choose, that is how long you will be receiving benefits. Listed in your policy, the maximum amount of benefits. You will get your benefits for the time in your policy.
There are several different reasons for Short Term Disability Insurance benefit payouts. Some of these reasons include the birth of a child, an injury, or an illness. Sometimes with a Short Term Disability Insurance, benefit payouts are more. This is because you do not require coverage for such a long time.
Long Term Disability Insurance
Long Term Disability Insurance is different from the short term because of the period length. With this policy, coverage lasts for years. This can be until you have recovered up to the age of 65. You can even sign up for a policy that lasts a lifetime.
Processing periods can last up to 90 days. Once you file a claim and it’s processed, you will receive your benefits for whatever period you choose. Periods usually start from 2 years and can continue until the age of 65.
Though Short Term Disability Insurance covers childbirth, Long Term Disability Insurance does not. It only covers injuries and illnesses. The amount you receive in benefits will be different than for a short term policy. This is mainly because you will be receiving benefits for a more extended period.
Get a Long Term Disability Insurance quote today.