Disability Insurance in Burlington, NC and Durham, NC

 

Disability insurance can help replace a portion of your income if an accident or illness prevents you from working. It can provide essential financial protection that may help you cover your expenses.  

The Difference Between Long-term and Short-term Disability Insurance 

 

There are two main types of disability insurance:  

• Short-term disability insurance—This may provide income replacement benefits for a relatively short period that you may be unable to work. Typically, short-term disability insurance has a waiting period of zero to 14 days and a maximum benefit period of two years. 
• Long-term disability insurance—This may provide income replacement benefits for an extended period you may be unable to work. Waiting periods typically range from several weeks to several months, while maximum benefit periods generally range from a few years to the rest of the insured’s life. 

Individual vs. Group Disability Insurance 

 

The following are a few of the differences between individual and group disability coverage:  

Group Disability Coverage  

 

• This type of coverage is tied to your employment. If you change or lose your job, the coverage could expire.

• The cost of group coverage can change from year to year.

• It covers all eligible employees, regardless of their health. 

Individual Disability Coverage  

 

• Typically has a higher premium but offers better benefits.

• The costs of an individual disability policy are guaranteed, even if you change your occupation or employment.

• Individual policies may be issued with exclusions that limit claims that are due to pre-existing conditions.

• Individual long-term disability can either be a standalone policy or can supplement group coverage. 

How to Choose the Right Disability Insurance Coverage 

 

To determine the right disability insurance coverage for your specific situation, contact The Peterson Agency. Choosing the right disability coverage is important. In the event you become disabled, you’ll want to ensure that you and your family have enough coverage. A representative at The Peterson Agency will look at the individual factors in your life and work situation and help design the best policy that meets your personal insurance needs.