Round 1:
is there more than one type of this insurance? (if so what are they?)
Their are 2 types of disability insurance short term disability & long term disability
What does this insurance cover?
Short term disability is intended to cover you immediately following a serious illness or injury, and long term disability insurance is intended to maintain income replacement if your condition keeps you out of work past the end of your short term disability benefit period, even to retirement, depending on your plan.
How long does SHORT TERM disability actually last?
It will not exceed 365 days.(so less than a year.)
describe long term disability.
Long-term disability (LTD) insurance is a policy that can replace a portion of your income after a qualifying injury or illness. The benefit is paid directly to you and you determine how best to use this income replacement. It can help you pay for expenses to maintain your standard of living when you’re unable to earn a paycheck over an extended period.
Approximately how much does this insurance coverage cost?
The average cost of disability insurance lies in the $290-$900/month range. The exact cost depends on the medical specialty, coverage, elimination period, age, health, location, included policy riders, and more. Generally, the cost increases with the risk of falling under disability, as defined in the insurance policy
How long does LONG TERM disability actually last?
At least 90 days. After that, benefits are paid for a longer term, typically, two years, five years, 10 years, to age 65, or for life, depending on the policy.
describe short term disability
Short-term disability insurance may replace all or a percentage of your income when you’re temporarily unable to work due to a non-work-related illness, injury, or medical condition. The benefit is paid directly to you, so you decide how best to allocate these funds. This can help cover everyday living expenses — such as rent, mortgage payments, and groceries — while you’re momentarily absent from work.
Give examples of Disability insurance.
For example, if a worker earned $50,000 per year prior to becoming disabled, and if their disability prevents them from continuing to work, their disability insurance would compensate them for a portion of their lost income provided that they qualify.
True or False:
You do really need this insurance during the span of your life.
True, because it's one of the best ways to protect your future earning potential and keep you and your family on solid financial ground.
Who would need this type of insurance?
Disability insurance pays part of your
income. If you become sickly or have a
physical or mental disability that keeps
you from working. You will need disablity
insurance.
which of these are considered short term disability?
A. Pregnancy
B.Cancer
C.Mental Disorders
A. Pregnancy
How old do you have to be to get Disability Insurance?
You have to be at least age 18 and no older than your full retirement age.
What options are there when choosing this type of insurance?
Short-Term Disability policies - have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years. Long-Term Disability policies - have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
which is an example of long term disability?
A. Stroke
B.Epilepsy
C.COPD
D. All of the above
D. All of the above
How do you qualify for disability?
To be eligible for Social Security Disability Insurance (SSDI) benefits, you must: Have worked in jobs covered by Social Security. Have a medical condition that meets Social Security's strict definition of disability.