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Disability Insurance: Do I Need It?

Disability is a policy meant for the self-employed, temporary employees. It is income paid weekly or monthly when one cannot work because of sickness or injury. Workers covered under disability insurance policies must prove that they cannot perform the majority of their present duties to qualify for entire disability status. The disability insurance policy states the terms of disability, policy tenure, and coverage limit.

There are various kinds of disability contracts. Some of the plans are available through the employer’s group health package and some are from private insurers. There are also various public sector programs like Social Security and some State Disability Insurance programs.

Insurance experts advise customers to compare options before taking out a disability insurance policy. The most reasonable costing policies can also be the most restrictive in terms of eligibility and monthly payouts. Individual insurance companies may set their own terms; therefore one should look for precise matter like a significant income percentage payout, a 90 day or less waiting period for benefit eligibility.
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