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Professional Disability Insurance
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Professional disability insurance is exactly what it sounds like, it is insurance that seeks to help those in professional positions when they find themselves in the unfortunate position of having been injured or fallen ill, regardless of the cause. Professional disability insurance helps people who are attorneys, executives, physicians, sales professionals, realtors, consultants, W-2 employees, finance professionals, small business owners, accountants, architects and those who have home based businesses. If you are involved in any of these types of jobs you owe it to yourself to look into obtaining a quote for professional disability insurance right away before you find yourself hurt and unable to qualify for disability benefits.
Keep in mind the saying, “Pride goeth before the fall” and do not be arrogant in assuming that you will never get sick because you do not smoke, do not drink, you eat healthy and you exercise on a regular basis. Also do not assume that you will never sustain an injury because you do not work at a dangerous life threatening type of occupation and neither do you engage in dangerous activities in your spare time. Injuries can happen anywhere and at any time and they can be as simple as falling down a few steps, falling off a ladder while you are changing a lamp or even getting electrocuted while you do some basic repairs. Professional disability insurance is in your best interests for those in professional positions who do not want to suffer financial losses as a result of infirmities.
Professional disability insurance can come in the form of short term and long-term disability. Be aware that not all insurance companies offer both types of disability therefore check the terms of every policy before you decided on the one that is best for you. Short-term disability is what you need at the onset of a disability. This kind of disability can last anywhere from a matter of weeks to months to a year or two. Long-term disability takes over where short term leaves off and it usually begins anywhere from three months to six or nine months from the time a disability began. If you receive professional disability insurance by way of your employee-sponsored plan then most short term disability benefits will begin within two weeks of the illness or injury and often can extend up to two or three years time. Long-term disability often will not become effective until a person has been deemed unable to work at their occupation for a period of 17 weeks.
It is often easier to get professional disability insurance on a short-term basis from the company that employs you than it is to get long term insurance because long term insurance must pay out for longer spans of time. As well short-term disability presupposes that the injured or sick individual will be returning to work within a particular length of time whereas long-term disability does not necessarily do that. Some people who are in receipt of long-term disability benefits suffer from a total disability and never return to the workforce but instead are forced to retire early due to their disability.
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