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Disability Insurance

Things to Know About Disability Insurance (DI)
Disability insurance (DI) is designed to replace a certain percentage of your gross income on a tax-free basis whenever you fail to earn an income in your occupation due to sickness or illness. Therefore, the responsibility of DI is to ensure that you bring a paycheck home regardless of any antagonistic changes to your health.

Types of DI plans in existence

Although the DI products from various providers are different, this is not a plan to buy by just comparing rates. In other words, the odds of getting substantial benefits on a monthly basis from a cheap policy are lower than getting benefits from a quality DI policy. Purchasing the cheapest policy available in the market is similar to throwing away your hard earned money.

What is Disability?

Disability can be defined as any illness or injury that renders you mentally or physically incapable of performing your various work-related duties. In this instance, disability can include pregnancy, elective surgery, and medical conditions. Even though workers’ compensation caters for various work-related disabilities, DI comes in handy in paying for other work-related injuries that may occur in certain circumstances. You ought to file for the DI benefits by visiting the Disability Insurance Claim Process.

Disability Benefits Payments

As per the January 1, 2017 the disability benefits are payable for a maximum of 52 weeks. The claims range between $50 and $1,173. The payable amount is about 55% of your total income up to the maximum weekly benefit amount. This is a case study for the State of California. You need to check out the requirements and benefits of DI in your state before purchasing a DI policy. In order to benefit from the DI policy, you ought to get a comprehensive certification from your physician or practitioner concerning the disability in question. You should also file a claim form.