Disability Insurance in Oakland, CA
Life is full of unexpected incidents that can impact your future. They are impossible to predict, but you can prepare for them with proper insurance coverage. One way to prepare for life’s unexpected moments is through disability insurance.
What Is Disability Insurance?
Disability insurance is a type of coverage that may help replace a percentage of your income if an injury or illness prevents you from working. Disability insurance can help you cover your expenses for a short or long period, depending on the coverage type.
Who Is Disability Insurance For?
Most people can benefit from disability insurance; however, each coverage option may have different eligibility requirements. There are a few disability insurance coverage options, including group coverage through your employer, short-term disability insurance, long-term disability insurance or supplemental disability coverage. Most people will be eligible to obtain a disability policy; however, coverage may depend on the details of the situation. For example, a disability insurance policy may exclude coverage for self-inflicted injuries or injuries sustained while committing a crime.
What Are the Benefits of Disability Insurance?
The following are the two main types of disability insurance and their benefits:
- Short-term disability insurance can provide income replacement benefits for a relatively short period when you are unable to work. Short-term disability insurance typically has a waiting period of up to 14 days and a maximum benefit period of two years.
- Long-term disability insurance can provide income replacement benefits for an extended period that you are unable to work. Long-term disability insurance typically has waiting periods ranging from several weeks to several months and a maximum benefit period ranging from a few years to the rest of the insured’s life.
How Does Disability Insurance Work?
Policyholders purchase disability insurance policies, pay regular premiums and undergo an elimination period before becoming eligible for benefits. Once eligible, the insurance company provides monthly payments for living expenses and financial obligations. The duration of benefits and taxation rules depend on the policy terms. Disability insurance is a crucial tool for financial protection, offering peace of mind to individuals by ensuring financial stability during challenging times when they are unable to earn their regular income due to a disability. Contact Burns Employee Benefits Insurance Services, LLC today to discuss your disability insurance needs. We can help make coverage recommendations based on your unique situation.
How to Get Disability Insurance
You may have several choices for disability insurance coverage, including group coverage through your employer, short-term disability insurance, long-term disability insurance or supplemental disability coverage.
Contact Burns Employee Benefits Insurance Services today to learn more about this essential coverage and get a quote.