Financeinfoline.com - We help you understand your Money
Free personal financial advice from the leading independent personal finance portal
What is disability insurance?
Disability insurance protects the insured person from a loss of income from a disability as a result of illness or an accident.
What are the kinds of disability insurance?
There are essentially two kinds of disability insurance
Short term disability insurance
Short term disability insurance protects you from a loss of income for a short period of time due to illness or an accident. A number of employers do provide for short term disability insurance. However, you should read the fine print when you study short term disability insurance- the short term disability insurance period can be from 1-26 weeks.
Long term disability insuranceLong term disability insurance refers to insurance that protects you from a loss of income for a longer period of time, typically more than 26 weeks. Generally, most employers do not offer long term disability benefits. Also, long term disability insurance is usually not covered by any social security policy.
Again,it pays to read the fine print while choosing a long term disability policy-long term disability insurance may be restricted to cover only a few major illnesses and accident damages.
Copyright © 2005 Financeinfoline.com
Disclaimer: All content on financeinfoline.com is carefully researched,but the interpretations and advice are the personal views of the authors.Financeinfoline.com is not liable for any financial or otherwise damage caused as a result of action based on advice from articles on financeinfoline.com
Last modified: August 31, 2005