Disability insurance is good for people who have high physically stressful jobs that put lots of strain on their bodies, or for people who work in places where accidents are likely to happen or have been shown to in the past. In the case that you become injured and can no longer perform the functions of your job, it becomes a question of how you will further support yourself – this is where disability insurance comes in. Disability insurance provides financial support in the event that the policyholder is unable to work due to injury, illness, or general disability. Disability insurance can be quite pricey, so short term policies are more common; however, if you are in a high-class profession and desire to have a long term policy, it is possible. Short term disability policies usually cover their policyholders for six months in which they pay a stipend each month cover medical bills and necessity. Disability insurance should not be used in lieu of life insurance or health insurance as they each have certain stipulations on what they are to be used for and in what situations.
Long term disability insurance helps cover those from the time they are considered disabled and after that, considered disabled permanently. Policyholders are often discouraged from claiming to be unable to work as it is hard to come back from being considered totally disabled and unable to work, and oftentimes if you make above a certain amount a month your disability assistance can be pulled as it seems you are able to sustain yourself on your own and no longer require assistance. For those who own businesses, disability overhead insurance can help cover business expenses while the owner is unable to work. Additional qualifying coverages are total permanent disability insurance and workers’ compensation, in which coverage is possible when suffering work-related injuries.