Insurance World

Most people take it for granted that they are able to awake each day and earn an income to support themselves and their family. The ability to be independent in this regard is one of your most valuable assets. Additionally, most people do not understand that the chances of becoming disabled at some time during their working career are higher than they would imagine. Hence, disability insurance is available to protect your assets.

Disability insurance is insurance that is intended to replace your income if you should become sick, disabled, or hurt, and the illness or accident prevents you from earning an income in your occupation. Disability insurance will pay anywhere from 45% to 60% of your gross income during your absence from work.

It is important to note however, that not every policy is the same. Carefully scrutinizing the details and comparison-shopping is necessary when shopping for disability insurance. The least expensive policy is not necessarily a good choice. The odds of being paid a monthly benefit that will cover your cost of living while you are disabled are not improbable if you have purchased a low-cost insurance policy.

The purpose of this article is to provide useful information about the features of disability insurance, so that you can make an informed decision when purchasing your insurance policy.

Types of disability insurance

Short-term disability is as it name implies. This policy may pay benefits for two weeks up to two years. Usually, your employer provides short-term disability policies.

Long-term disability as it name implies, will provide benefits for an extended period. Long-term disability insurance usually lasts about 5 years. This type of insurance will also expire when the person turns 65. Some employers will offer this type of insurance as part of employee benefit package or will make it available at a specific cost.

The two main types of long-term disability insurance policies are non-cancelable and guaranteed renewable. A non-cancelable and guaranteed renewable policy means that the insurer cannot cancel or refuse to renew your policy as long as the required premiums are paid on time. However, the significant differences between the two policies are that with a guaranteed renewable policy the premiums can be raised, but only if it affects the entire class of policyholders. Under a non-cancelable contract, the premium payment remains in effect as stated on the policy. Consequently, initial premiums for guaranteed renewable policies can be less expensive than non-cancelable policies

Are you a small business owner looking to attract and keep hardworking, quality employees? If so, you should consider offering a health insurance package to your employees.

These days, health insurance is one of the main factors people consider when deciding whether or not to accept a job offer. Since the cost of individual health insurance policies is high, and the cost of health care is even higher, it’s no wonder good health insurance is sought after by prospective employees. Some people will even leave their current jobs at one business to work for another business that offers better health insurance packages.

With this in mind, you as a small business owner need to start looking into offering health insurance packages to your employees before a larger business lures them away. You may think large businesses are wealthier businesses, and in most cases you’d be correct; however, that doesn’t mean your small business can’t afford to offer a good health insurance package to your employees.

It won’t happen easily or overnight, but it’s possibly for you as a small business owner to provide health insurance for your employees. You’ll need to research insurance companies that offer health insurance packages for small businesses at group rates. Group rates are generally much less expensive than individual rates. This is why most people don’t want to purchase individual health insurance policies and are attracted to businesses that offer health insurance packages.

Don’t limit your search to one or two health insurance companies. Research several companies, comparing the coverage and prices they offer. You may even want to talk with fellow small business owners about the health insurance packages they offer their employees. Word-of-mouth and personal experience are often the truest forms of advertisement.

Once you find the health insurance company that will allow you to offer health insurance packages to your employees, your small business will attract and retain the employees it needs.