Disability Insurance is income paid weekly or monthly when
an individual is unable to work as a result of sickness or injury. The
pay out provided may be stated as a percentage of income or as a set
dollar amount. The policy defines how much you will be paid, how soon
after you are disabled payments appear in your mailbox, and when they
will cease. Benefits periods may depend on whether the disability was
caused by an accident or illness. The longer the benefit period, the
higher the premium will be.
There many different kinds of disability contracts. Some plans are available
from your employer through its group health package and from private insurers.
There are also various public sector programs including Social Security and some
State Disability Insurance programs. Veterans, members of the armed forces, federal
civil servants and coal miners are also covered by federally-sponsored programs.
