Disability can occur anytime; you can’t predict what is going to happen to you next. Disability can have a great impact on you not just mentally and physically but financially too because it can stop you from doing your work and you may have to stay at home for months because of that. Injury can happen anywhere, your workplace, your home, or anywhere outside. If you got injured outside your workplace, then your medical insurance might cover up the bills but it won’t help you with the salary which you will lose after you got injured. But if you have solid disability insurance for professional then you don’t have to worry about missed salary if you face any disability. Instant Disability offers great disability insurance plans to cover you up during your disability, whether it’s a short-term or a long-term disability.
What is Professional Disability?
Professional disability means when you are unable to go to work due to some injury which can be both short-term and long-term. This type of injury can make you temporary or permanently disabled from earning.
But with the help of professional disability insurance, you can cover your disability period with ease. Professional disability insurance offers a great plan with different options which will help you financially when you are unable to earn any money.
Instant Disability helps you in choosing the right plan for your disability period. With a proper insurance plan, you won’t have to worry about your future.
Types of Professional Disability Insurance:
- Short-term Disability Insurance- Under this, the term of disability insurance for professional is short, it could last for a week or month therefore the insurance plan is also short term depending upon the situation of the person. Short-term professional disability can benefit you for up to 3-6 months and can be further renewed. The plan covers at least 80% of your monthly salary approximately. Mostly, employers provide disability insurance to their employees but some professionals who work on their own can have it by themselves.
- Long term Disability insurance- Long-term disability, as the word suggests can last for a longer period or lifetime, therefore the plans are also made according to such situations. Long-term insurance gives benefits for 1year, 5 years, or 10 years which can last for 70 years of your age. However, the benefits under the long term are low as compared with short-term disability insurance. Generally, employers purchase group insurance for their employees because it is more beneficial and can benefit the employees for a longer period.
How much does it cost?
The cost of professional disability insurance can vary from plan to plan, it depends on several factors like your background, job description, your health history, and many such factors which will have a direct impact on your disability insurance.
For professionals, disability insurance can charge up to 4% of their salary just like any other insurance plan. However, the profit is based on how much premium you are paying. If you pay high premium, the benefits will be more.