Individual Short Term Disability Insurance

2007-05-15 06:10:46

( Health )



For bread winners, it is important to regularly generate income to keep up with the daily need for money. But what if an illness or an accident happens to you? Will there be a way to compensate you and your family during the time when money is needed most?

Being able to prepare yourself financially in the future is an indispensable obligation that you must face regardless of how careful or healthy you are.

INDIVIDUAL SHORT TERM DISABILITY INSURANCE

In times of injury or sickness, you can still earn money through individual short term disability insurance. Basically, you get a percentage of your current income to compensate your inability to generate your own money.

Usually, you receive around 60 percent of your current income for 2 to 6 months depending on your specific insurance coverage and your specific situation.

DIFFERENCE BETWEEN AN ILLNESS AND AN INJURY

When you had an injury, it is very usual that you get your money within the week. As long as the injury is severe enough, there should be no problem claiming your money.

In contrast with an injury, when you are ill, it will take sometime before you receive your compensation. This is because you need to secure a proof to show that your illness is severe enough.

In addition, minor illnesses will not qualify you to claim compensation. But if your illness worsens, you will definitely receive money.

DO YOU NEED DISABILITY INSURANCE?

Income earning individuals who are not saving enough money for the future are strongly recommended to buy disability insurance. Although there are other types of insurances, there are instances that individual short term disability insurance is more effective and can be very helpful.

However, short term disability insurance is a limited offer making it hard to find and quite expensive. You have to evaluate your income together with your expenses to determine if you really need one.


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