Why You Need an Insurance Safeguard</STRONG></P><P>DI provides a monetary stipend if a severe illness or injury hinders the policyholder from working. Not being able to work means losing a primary source of income for most folks, and with that comes the inability to pay bills. Banks also repossess properties all the time if there are delinquent payments of more than 120 days, even if the owner is unwell.</P><P>Getting a DI policy prevents the possibility of a personal financial crisis. It minimizes the risks of not being able to pay for your utilities, mortgage, auto loans, and even everyday living expenses.</P><P><STRONG>How Much Disability Benefit Can You Claim?</STRONG></P><P>The benefits can vary per plan, but it usually covers up to 60% of the insured’s gross income and is given monthly. In some cases, specific professions, like medical fellows, residents, and physicians, are given a more considerable amount of coverage at a higher cost or premium.</P><P><STRONG>When to File for a Claim</STRONG></P><P>You can file a disability claim if you experience an ailment or injury that completely prevents you from working. The insurance company will have to review your medical records and diagnosis to determine if you qualify.</P><P>Another factor to bear in mind is the elimination period, which is the time between the start of the disability and when the benefit payment begins. The insured must remain disabled during the elimination period that commonly lasts from 30 to 90 days.</P><P><STRONG>How Long Do the Benefits Last?</STRONG></P><P>Depending on the type of policy, the benefit period could last for 3 months, 5 years, or even up until you’re 65. One thing to remember is that the insurance premium costs go up as your benefit period extends.</P><P><STRONG>Invest in an Insurance Plan</STRONG></P><P>Midwest Employee Benefits provides customized insurance packages for both employers and individuals. Get in touch with us and get started with your insurance investments today.
