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Things to know before buying disability insurance

Disability insurance is a type of insurance which covers for a person’s income when they suffer from a long-term illness or injury, making them unable to work. A recent survey by Social Security Administration revealed that around 25% of people in the country face the risk of becoming disabled and being unable to work before reaching their late 60s. This insurance does not only cover major accidents but it also covers serious health issues such as heart attack and in some cases, cancer. As it is with other types of health insurances, the younger and healthier the person is, the easy it is for them to qualify for disability insurance. The following article sheds light on the multiple factors to consider before buying disability insurance.

Types of disability insurance
Short-term and long-term disability insurance are the two main types of disability insurance. Both these types can replace a portion of a person’s monthly base salary but only up to a certain cap. Let us look at them individually:

Short-term disability insurance
It covers 60% to 70% of the base salary. The policy can pay out for a couple of months to a year, depending on the terms. Short-term disability insurance has a brief waiting period which can be two weeks after the person has become disabled.
Long-term disability insurance
It typically replaces around 40% to 60% of the base salary. Unlike short-term disability insurance, its benefits end when the disability ends. However, in some cases even if disability continues, the benefits end after a period post-retirement age. The common waiting period in long-term disability insurance is around three months after the disability has occurred.

Different insurance companies define the term “disability” differently. While some policies pay out if a person cannot perform their job, others have a partial cover where they pay a portion of the benefit if the person can work part-time.

The Social Security Administration has two programs that provide disability benefits — The Social Security Disability Insurance (SSDI) is for people with enough social work credits in a certain period of time and the Supplemental Security Income (SSI) is for disabled people who are over 65 years of age.

Getting a disability insurance
A person can get employer-sponsored coverage from their workplace. Most employers offer disability insurance wherein they pay some or all the cost of premiums. It is necessary to check if all the states permit both types of disability insurance. Some employers pay for a voluntary benefit and not for the entire disability coverage. A person can buy coverage through their employer’s insurance broker at a group rate which is cheaper than buying individual insurance.

Buying individual disability insurance
It is recommended to buy an individual policy if one does not get enough disability coverage by the employer or is self-employed. An insurer generally considers all the sources to determine how much coverage it can provide. As mentioned above, they may not be able to cover more than 70% of the person’s income. Buying individual coverage has its own benefits such as:

It offers coverage customization with additional features such as annual cost-of-living adjustments.
One can choose the company offering the best disability insurance.
Unlike employer-paid coverage, individual disability insurance stays with the person even when they change their jobs.
The person also gets to collect tax-free benefits if he or she has become disabled. Employer-based insurance requires the person to pay taxes for the benefits as the employer pays for the coverage.

The average price for long-term disability insurance usually ranges from 1% to 3% of the person’s annual income So if a person earns $50,000 a year, they might have a monthly payment of $60 to $125. The range may vary depending on factors like:

Age and health
A person suffering from a long-term illness in his or her 50s might pay more than a person in his or her 30s with no or general health issues.
Occupation
A person can end up paying more if their job involves a high risk of injuries, for instance, a truck driver, construction worker, etc.
Elimination period
It is the length of the waiting period. A person can reduce the premium cost by increasing the elimination period before the benefits kick in.
Definition of disability
If an insurance company has a broader definition of disability, it can have higher premiums. For instance, a policy that covers for a person who can’t work in his or her own occupation but can earn in a lower-paying job will cost more than a policy that comes into play only if a person cannot work at all.
Income
People with higher income may have to pay more for the coverage.
Benefits and features
A person will pay more in premiums if the disability insurance agrees to pay for that person’s disability for a longer period. Additional features such as cost-of-living adjustments and protection against inflation can also increase the premium costs.

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