A Guide to Disability Benefits in Holland MI
Disability coverage protects employees from losing income during periods where they cannot work due to a disability. During this time, income is paid monthly or weekly in the form of disability benefits. Policies usually define insurance in these ways:
- General -; This coverage gives disability benefits to people who cannot do any qualified work due to injury or sickness. As long as the person can still do work for which he or she is qualified, they cannot make a recovery.
- Occupational -; This type of coverage gives benefits to someone who cannot do his or her regular job because of injury or illness.
The distinction can be especially important. For instance, if a musician loses an arm, he or she cannot do their regular job. If that person has an occupational policy, they would be eligible for a recovery, even though they could find other work. If they have a general policy, there would be no chance of a recovery.
How Much Will I Get During my Disability?
Your policy may pay out a portion of your pre-injury income, or it may give a certain dollar amount. The policy itself defines the amount you’re paid, how soon payments start, and when they will end. The period in which you and may depend on the cause of the disability; generally, the longer you receive Disability Benefits in Holland MI, the higher your premiums will be. Work-related injuries and sicknesses may be covered under worker’s compensation insurance.
Types of Disability Policies
There are three types of long-term disability insurance:
- Non-cancelable -; Premiums do not increase over the policy’s term.
- Guaranteed renewable -; Your premium can be increased as long as the raise affects an entire class of policyholders or occupations.
- Conditional -; Premiums can increase and you can lose your coverage if certain stated conditions occur.
Getting Disability Insurance
There are different kinds of disability benefits. Some plans can be obtained through your employer’s group health insurance, and some are available through private companies. The public sector has various programs, such as state disability benefits and Social Security. Your attorney can give you more information on programs for which you may be eligible. to