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Disability Insurance for Types of Employment

  • Published: 2011-02-28 : Author: Sean Denny
  • Synopsis: Information on disability insurance for the working professional concerning insurance against a disability that leaves you unable to work.

Main Document

Whenever we think about insurance, we immediately start thinking about life insurance. There is no denying the importance of life insurance in securing the future of your family, but there some other risks that might affect their life dearly too. The biggest risk that you face as a working professional is a disability that leaves you unable to work.

Disability, no matter temporary or permanent, can affect you and your family's life dearly. Thus, you must get yourself insured against this risk. This insurance can help you cover your daily expenses as well as meet the additional expenses that you might have to make to adjust to a new lifestyle.

Since disability insurance is connected with employment, it is often provided by the employer.

Here are some ways through which you can get disability insurance cover:

a. As a Government Employee:

Most government employees, who are on the permanent payroll of the government, are given disability cover. As a government employee, you can also claim disability retirement and receive regular compensation of a certain amount. The amount of compensation depends on the person's age and the number of years that he has worked for the government. The actual amount of the benefits is determined by the concerned department, after thorough consideration.

b. Salaried Employees:

Most companies provide disability cover to their salaried employees. In America, most states have made it mandatory for private companies to give disability insurance cover amounting to a minimum of 26 weeks. This means that in case of a disability, you will receive your full salary for at least 26 weeks. But some bigger companies give disability benefits to up to 5 years.

As a salaried employee, you will have to check with your company and find out the terms and conditions and amount of benefits you shall get on a disability claim. If you feel that the disability insurance quote provided by your company is not adequate, you can purchase additional cover through individual disability insurance policy. But you will have to pay the premium for this cover from your own pocket.

c. Self-Employed Professional:

If you are self-employed professional or entrepreneur, then you will have to be responsible for your own disability benefits. In some circumstances, you might be eligible for state benefits and social security claims, but in most cases of short term or partial disability, you will have to take care of your own needs. In addition, claiming benefits from the government takes too long. Thus, you must insure yourself against all short term and long term disabilities, so that you can pay the medical bills, meet immediate expenses and lead a normal life.

As a self employed professional, if you have a employees on your payroll, then you will be responsible for their salaries too. Thus, disability insurance is most important for you.

If you feel the need to purchase a disability insurance policy due to professional obligations (company not providing enough cover or not covering all disabilities), then make sure that the insurance premium is affordable to you. Try to get the disability policy quote from the companies which specialize in disability insurance as they are much cheaper than others.

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