Disability - A possibility
you need to consider...
When a disability leaves you unable
to work for an extended length of
time, you lose the ability to earn
an income- the one thing you've always
relied on to provide for yourself
and your loved ones. Meanwhile, your
living expenses continue-in fact,
they're likely to increase for a number
of reasons. You could need help around
the house or have higher medical expenses,
for example. That's where Michigan
disability income insurance (DI) comes
in. It's designed to help you maintain
your standard of living when you cannot
work. If you don't have much in the
way of assets for a financial cushion,
you need enough to cover costs and
supplement your income until you can
go back to work.
Michigan disability income
insurance is needed by just
about everyone who earns a living.
Surprisingly, single people often
need it more than married couples
because they don't have a spouse's
income to fall back on if they are
injured or become too sick to work.
On the other hand, most married people
have a hard time imagining what it
would be like to live on one salary
when they barely get by on two. And
unfortunately, disability strikes
more often than you may think.
What
is the Definition of Disability?
Disability is considered either "Own
Occupation," which is the inability
to perform the duties of your own
specific occupation, or "Any
Occupation," which is the inability
to perform the duties of any job for
which your education and training
qualify you.
How Much is the Diability
Benefit?
Most policies have a fixed monthly
benefit. Although the benefit doesn't
increase over time, you can usually
purchase extra coverage or cost
of living increases.
When do I Receive the First
Disability Benefit?
There is a waiting period between
the time you become disabled and
the time you begin to receive benefits.
Waiting periods can range from one
week to two years. In general, the
longer the waiting period, the less
the policy costs.
How Long Will the Michigan
Disability Benefits Last?
The benefit period, which is how
long you receive monthly benefits,
can range from six months to the
rest of your life, depending on
what your company offers and the
choices you make.
