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Disability Insurance

Disability insurance can come inside of a worker’s benefits package when he signs on for a new job, or it can be a private policy that someone buys for himself on the side. It works the same way in either situation in that it covers a person by providing him with financial income that’s a portion of what he’s used to receiving.

All insurance companies have a list of illnesses that they cover if the insured party experiences them. The illnesses can be physical injuries, sicknesses and sometimes even emotional and psychological disturbances. The severity of the condition and the doctor’s certifications are essential pieces of that puzzle. The insurance policies pay the monies if the covered person can show proof of the diagnosis and timeframe that the will be out of work.

A disability policy can benefit any person no matter what his situation is. One never knows when an unexpected illness or injury will occur, so it’s always best for a person to have that extra layer of protection in the works. It can give the individual a sense of confidence knowing that financial security is there if anything happens.

Any person who has such a policy must notify the insurance company immediately if he or she has trouble with any of the covered conditions. The sooner the individual contacts the insurance company, the faster they can start investigating the claim and approve it if that’s what’s meant to occur. The benefits of an approved claim will continue until the insured person returns to work and lets the insurance company know that he is back.

Disability policies have premiums that provide the insured parties with continued coverage. Private policyholders have to pay once a month. Sometimes insurance companies will allow their policyholders to pay one large payment for an entire year. People who have insurance through their employers can usually have it taken from their paychecks, which will make it easier for them to keep up with the payments.

Disability policies usually pay a portion of an employee’s regular work wages. The amount varies from plan to plan.