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Topic Review (Newest First)

  • 05-25-2016, 02:40 PM
    alf

    Disabilty Coverage Scam

    Disability insurance policies are designed to pay part
    of your wages should you be injured in an accident or
    are unable to work because of illness. Here are two
    types of policies available: long-term disability and
    short-term disability.

    Short term disability pays a portion of your wages
    should you be out of work due to injury for up to one
    year. Some employers pay for this benefit for their
    employees, some offer it for employees to purchase.

    If you have a pre-existing medical condition, the time
    to enroll is during the initial enrollment period when
    a medical exam is not required.

    Replacement of wages is only partial; insurance
    underwriters, as well as your employer, want you back
    at work as soon as possible. Usually there is a
    waiting period of 14 days in which you will not
    receive payment.

    Long term disability policies are purchased to replace
    what your potential earnings would be from the time
    you become disabled until age 65 when Medicare would
    be available.

    For instance, if you are 55 and make $40,000 per year,
    you should purchase a policy for $400,000.

    You cannot get a long term disability policy if

    (1) you are or are soon to be pregnant,

    (2) make less than $18,000 per year,

    (3) are unemployed, or

    (4) you are required to carry a weapon for your job.

    Typically, the waiting period for long-term insurance
    to kick is at least 60 days and as much as a year.

    Disability insurance is an important aspect of your
    overall insurance coverage plan, and if your employer
    offers it as a benefit you should definitely consider
    it as a wise investment.

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