Many people never purchase disability insurance because they are unsure of what it means in relation to them. Others receive this through their employer, however, they don’t truly understand what they are getting.
When starting a new job, there is a chance you may be offered short or long term disability coverage. Some employers offer this for free while others give employees the option to purchase a policy.
In addition to understanding the ins and outs of disability insurance coverage, you need to know what is being offered with regard to your particular policy. Like all types of insurance, there are many types of coverage. Along with this, costs vary.
To see if you are being offered a reasonable deal through your employer, contact several companies and brokers to see what the going rate is for somebody in your position. This will give you a clear understanding of whether or not you are being offered a reasonable price for the coverage.
It doesn’t matter if you are shopping for disability insurance coverage or offered this through your employer, it is important to understand the finer details associated with the policy.
If you can afford a solid policy that provides the coverage you are looking for, it may make sense to purchase, especially if there is a discount through your employer.
In the event that you have coverage and run into issues when filing a claim, you will have to deal directly with the insurance company. In this situation, the help of an employment law attorney could come in handy.
Source: newsobserver.com, “Money Matters: What you need to know about disability insurance” Holly Nicholson, Feb. 01, 2014