Most people buy insurance policies for their homes and cars, conveniently forgetting themselves. Yes, they get life insurance products, but they never give a thought to what would happen if they were temporarily disabled. You are made to sit out of work when you get injured, thus losing out on your income. Thankfully, there is a financial product called short term disability insurance that protects you against such loss of income by up to 60%. With nearly all insurance companies providing similar products, it becomes overwhelming for an individual to find out the best one that meets his requirements.
Get protection for your ability to work
If you were to break your hand or leg because of a car accident or a slip in the bathroom, you could be forced to sit at home for weeks. This obviously hurts your income and makes it difficult to manage household expenses. But if you buy a disability insurance policy, you stand to receive income for the time during which you are absent from work. This gives a lot of mental peace along with money to manage your expenses. You can focus upon getting better quickly rather than worrying about paying your bills on time. If you are the bread winner in the family and depend upon your income to fulfill the needs and requirements of your family members, it is high time you think about protecting your ability to work and earn. Getting yourself short term disability coverage is the best course of action for you in such a situation.
Compare products of different companies to choose the best disability insurance
According to recent studies and surveys, nearly one third of the working population in the country can become disabled before reaching the age of retirement. Of course the chances of becoming disabled are dependent upon many factors such as your age, health, your occupation etc. but it is better to remain prepared for the worst rather than hoping that nothing untoward will take place to you.
Most insurance companies are providing cover against short term disability. You need to compare the products of different companies to finalize the best short term disability plans. The average payout by insurance companies is around 40% of the income of the individual who buys such a product. However, if you do your homework and negotiate with insurance companies, you can bargain for a higher protection for yourself.
Buying a disability insurance policy is not cheap as you need to pay yearly premiums to the insurance company. On an average, a 60% cover of your annual salary could cost you in excess of $1000 per year if you are a healthy individual around the age of 35. However, you can remain secure in the knowledge that you have adequate protection against loss of income through injury or sickness.