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Cheapest Disability Insurance Online

What is Disability Insurance?Types of Disability Insurance
"The Social Security and SupplementalMost people are familiar with two types
Security Income disability programs areof disability insurance: short-term
the largest of several Federal programsdisability, and long-term disability.
that provide assistance to people withShort-term disability insurance is
disabilities. While these two programsincluded as part of a benefits package
are different in many ways, both arewith many different employers, and
administered by the Social Securityusually provides an income in the early
Administration and only individuals whopart of disability. Short-term
have a disability and meet medicaldisability insurance generally provides
criteria may qualify for benefits undercoverage for a period of several weeks,
either program."and does not exceed a two-year term.
- Social Security web site, June 2006Long-term disability, however, can last
The Social Security office will want tofor a period of several years. These
check your medical history to be suretypes of policies may be included as a
you qualify for disability benefits.part of employment, in a benefits
The Social Security office is one way topackage, but many purchase these
get disability benefits, but in mostdisability insurance policies
cases these benefits will not beindividually.
substantial enough for families.As far as disability insurance goes,
Disability insurance can be obtainedhowever, there are still more policies
through any number of insuranceto learn about. One type of disability
companies. In the event that you areinsurance is the Own-Occupation
disabled, this insurance will serve asDisability Insurance. The definition of
financial protection. You will receivethis policy reads:
a percentage of your gross income from"The inability to perform the material
your disability insurance policy, incomeand substantial duties of your regular
that will ensure your own financialoccupation, the insurance company will
safety.consider your occupation to be the
You do not have to go through the Socialoccupation you are engaged in at the
Security Office to take out a disabilitytime you become disabled, they will pay
insurance policy, nor to receive thethe claim even if you are working in
benefits from that policy. The Socialsome other capacity."
Security disability program is notAnother kind of disability insurance is
related to any disability insurancethe Income Replacement Insurance. This
policy that you take out.is a very popular type of disability
"Individual disability insurance isinsurance, and most insurance agents are
truly a basic concept. It is anfamiliar with this policy. The language
insurance product designed to replaceof this type of disability insurance
anywhere from 45-60% of your grossreads:
income on a tax-free basis should a"Because of sickness or injury you are
sickness or illness prevent you fromunable to perform the material and
earning an income in your occupation.substantial duties of your occupation,
Every disability insurance policy fromand are not engaged in any other
every insurance company is veryoccupation."
different, this is not a product toCommon in employee benefits packages,
simply shop for the most competitiveGainful Occupation Coverage is another
rate. To buy the cheapest disabilitypopular form of disability insurance.
insurance policy on the market is toThe language here is worded very
throw money away. The odds of gettingcarefully:
paid a monthly benefit under a cheap"Because of sickness or injury you are
contract may be significantly lower thanunable to perform the material and
receiving benefits from a qualitysubstantial duties or your occupation,
contract."or any occupation for which you are
- About Disability Insurance web site,deemed reasonably qualified by
June 2006education, training, or experience.



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