Paycheck Insurance
People often don’t give much importance to paycheck insurance because they feel that they will never need one. The U.S. Census Bureau states that a worker in America has a one-in-five chance to get disabled at some point of time or the other. The American Council of Life Insurers is of the opinion that an individual who is 35 years and more is 6 times more prone to disability before attaining the age of 65 years.
In case you become disabled, the worst to suffer is your family. So, it is very important to be equipped with paycheck insurance. So, if you become disabled and still on the rolls of your employer, your paycheck insurance will replace a portion of your income.
Approximately, 55% to 70% of your income is protected by paycheck insurance. These policies are not very expensive and the premium amount in most cases is 2% of your annual income. Disability insurance is affordable and is less expensive than the premium you pay for family medical insurance premium that may be as much as USD$10,000. You can also opt for different benefit periods that can help reduce your premium. The sooner you buy a paycheck insurance policy, the better it is. The main reason is the older you become, higher is the premium you will be required to shell out.
There are many employees who feel that their benefit package includes paycheck insurance. In reality, it may not be included. So, make sure that you confirm that you are equipped with the disability insurance policy.
You can become disabled due to short term causes that may include the following-
Main reasons for short term disability claims-
The primary causes are as follows-
- Intestinal or digestive problems
- Pregnancy complications
- Normal pregnancy
- Back injuries
- Other injuries excepting back
Main reasons for long-term disability claims-
The primary causes are as follows-
- Back injuries
- Cancer
- Depression
- Pregnancy complications
- Cardiovascular troubles
In case an employer wants to reduce the cost that is being borne by the company, he may do so by prolonging the elimination period. Elimination period is the time between filing the paycheck insurance claim and receiving the protection amount.
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