Learning about Disability Insurance in Boston

While we hope that an accident or injury will never occur that would make it difficult to continue working, when something of this nature does occur it is important to make sure that your income is protected. Even if your income stops, your bills certainly will not. Regardless of your occupation, a disability in Boston can still occur at any time. One way to be certain that your income is protected is through disability insurance. There are two different forms of disability insurance; short-term disability insurance and long-term disability insurance. In addition, there are different protection features that can be added to the specific type of disability insurance that you decide to purchase.

Short-term disability insurance typically has a waiting period of up to 14 days. The maximum benefit period for short-term disability insurance is not longer than two years. Long-term disability insurance typically has a waiting period ranging between several weeks and a few months. The maximum benefit period for long-term insurance typically ranges between a few years to the rest of the individual's life.

A non-cancelable protection feature can be added that will ensure that the policy cannot be canceled for any other reason than non-payment of premiums. This allows you to renew the policy every year without benefits being reduced or the premium increasing.

Another protection feature that can be added is guaranteed renewable feature that gives you the option of renewing the same policy with the same benefits. The premiums may still be increased on this type of policy.

In addition, it is also possible to add a residual or partial rider to your disability insurance. This type of rider allows you to return to work on a part-time basis and still collect part of your salary as well as receive partial disability payments as well in the event you are partially disabled.

Even though a disability in Boston could occur at any time, if you are concerned that you will never recoup your money if you do not have a claim on your disability insurance, you can also consider adding a return of premium feature to your policy. This type of provision requires a portion of your premium to be refunded in the event that no claims are made during a specified period of time. With this feature, you can be certain that you will be protected regardless of whether you ever experience a disability.

 

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