Kalamazoo & Portage Disability Insurance Policies
What It Is:
Disability insurance is a type of private insurance that provides supplementary income to individuals who are unable to work due to illness or injury. The program differs from worker's compensation insurance in the sense that the illness or injury does not have to be work-related.
Who It's For:
Although each policy is different, these plans are designed to help the insured pay their bills and maintain their standard of living. For this reason, virtually everyone can benefit from having a policy. Even if an worker's job isn't particularly risky, they can still have a serious car accident. Furthermore, there's no guarantee they won't develop arthritis, chronic back pain or cancer. If any such condition causes them to switch to a lower-paying job, work fewer hours, or not at all, they would benefit from disability coverage.
Types Of Coverage Available:
There are two types of disability coverage: short-term and long-term coverage. Short term will typically cover the individual for up to 6 months. Long term disability coverage on the other hand, can cover an individual for a period of up to 2 years. The term length and amount of benefits provided depend on which plan the individual has at the time it's needed.
Benefits Of Coverage:
Disability insurance ensures that the worker receives money to pay for their bills and other needs, avoiding major problems like foreclosure and repossession. The individual's income is thus protected, ensuring that they can still provide for their family. Another major advantage is that these payments do not affect benefits received from any government-administered plans. This makes it possible to have even more money left for therapy or medications.