Disability Insurance Articles
Finding The Best Disability Insurance For A Dangerous Occupation
2010-12-07
If you work in a dangerous profession, it's extremely important to purchase a disability insurance policy to protect your income and your family's lifeline in case you are injured and can't return to work. Whether you work in agriculture, construction or the aeronautical industry, you are among a number of people who work in a dangerous occupation that increases the overall likelihood of suffering a debilitating injury. To ensure your family has a steady stream of income if you are unable to work, it's imperative to find a comprehensive disability insurance policy with guaranteed renewal and the benefits policyholders need for working in a dangerous occupation.
Worker's compensation programs and disability benefits from the Social Security Administration have strict terms and limitations that make them inadequate for those working in a dangerous occupation. Individual disability insurance policies, which are also available to independent business owners and self-employed professionals, are an ideal alternative to group disability insurance offered through employers. If your employer offers a low-cost group policy, you make not be covered with the benefits you need. Those in a high-risk occupation may choose to opt for individual disability insurance that provides a larger percentage of your total wages for a long period of time with shorter waiting periods.
Understanding your policy's definition of disability is the most important part of evaluating disability insurance policies. If you work in a dangerous occupation, chances are you receive compensation for the increased risk and special training required for your job. Many basic disability plans will only provide benefits if you cannot perform any labor or sedentary work. To receive compensation for your trained specialty, it's imperative to purchase own-occupation disability insurance. As a general rule, individual policies include a higher amount of your average earnings, which is typically 50% to 70%. Added benefits, such as guaranteed renewal and cost of living increases can help you maximize the value of your investment.
In any occupation, it's important to select a disability insurance plan with a reasonable waiting period. Basis plans may have a 12-month waiting period, so it's important to find a plan with a waiting period that covers short-term and long-term injuries. Investing in a long-term disability plan that provides benefits for several years is a prudent investment for anyone working in a dangerous occupation. To get the most out of your disability insurance policy, look for plans that also offer partial benefits if you are able to return to work part-time or in a limited capacity during recovery. Before committing to any plan, analyze the policy's definition of disability, benefits period, waiting period and coverage exclusions.