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Ways to better understand disability insurance

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Some people are familiar with disability insurance, as they have purchased an individual policy. Others are familiar because they receive this benefit through their employer. And then there are those who are unsure of what this coverage has to offer.

As confusing as it may sound, there is no reason you shouldn't be able to understand the finer details of disability insurance. Here are four points to consider:

-- You can purchase individual disability insurance, while also receiving a policy through your employer. Some companies offer this benefit, others do not.

-- It doesn't matter if you are buying an individual policy or receiving coverage through an employer, make sure you know what it covers, how long your benefits pay out, and if there are any limitations.

-- Make note of how much money your disability policy would pay in the event of an injury or illness. Is this enough money for you to pay your bills while you recover?

-- Know the difference between short and long term disability insurance. Furthermore, understand if you have both types of coverage or just one.

Along with the above, don't overlook the fact that a disability insurance claim could be denied. This can lead to many challenges, including an appeal process. You should understand this is a possibility, and that it could come into play at some point.

There is no denying the benefits associated with individual and group disability insurance. As long as you understand your policy, as well as how to make a claim for benefits, you will feel more confident.

Source: Fidelity, "How to insure your paycheck," accessed May. 11, 2015

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