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The many types of disability insurance

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Many of our California readers wonder where they are going to turn when it comes time to purchase disability insurance. While some have an idea of what they want to do, others are unsure of what the future holds.

The purpose of disability insurance remains the same, regardless of where it comes from. This is meant to replace a portion of your income should you become injured or too sick to work.

Some people purchase an individual disability insurance policy direct through an insurance company. This gives them a variety of options with the ability to choose the right term at the right price.

Group disability insurance can be purchased through your employer, typically at a lower cost than individual coverage. With this option, terms and conditions vary and it can only be purchased if the employer offers the benefit.

On the federal level, Social Security Disability Insurance (SSDI) is in place to pay benefits to those under the age of 65, regardless of income, if they have been injured or become ill.

There is a lot that goes into purchasing disability insurance. Along with this, it is important to learn about the finer details of Social Security Disability Insurance (SSDI), ensuring that you understand everything available to you should the time come to apply for benefits in the future.

With any type of disability insurance, there is always the possibility that the insurance company could deny a claim for some reason. Should this happen, it is often necessary to consult with an experienced and knowledgeable attorney.

Source:  The Valley Business Journal, "Sources of Disability Insurance" Julie Ngo, Feb. 28, 2014

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