21 May Insurance Jargon, Decoded: Disability
May is Disability Insurance Awareness Month, so we wanted to focus on ensuring that clients understand how to protect their paycheck and what different definitions of disability really mean.
There are a million terms that surround disability, and confusion abounds. We have addressed different components of disability insurance contracts in previous posts:
But what is a disability? In its basic form, disability provides a weekly or monthly income replacement benefit if you are unable to earn an income because of an accident, injury, or sickness.
Disability insurance contracts include a lot of terminology, and the devil is in the details. What sets contracts apart include things like the length of time benefits would be paid as a result of a soft-tissue injury, how long you would have to wait before benefits begin, or whether the insurance company would want “proof of income” at the time of claim.
Talk to us if you would like to learn more about your existing coverage, whether it is group or individual. Understanding the jargon surrounding your existing coverage is the first step to understanding whether there are gaps in your plan.