Short term disability insurance covers disabilities that last for a short duration. The insurance may cover a part of one's salary, if he/she is away from work for a particular duration due to an injury caused from an accident. The coverage continues until the individual gets back to work. If the coverage expires midway, the individual needs to extent it further, until he/she is completely fit. There are numerous types of short term disability insurance plans currently available. Given below is a brief explanation on some of these types.
Individual Short Term Disability
In this type of insurance, the employee is responsible for paying the premiums. The employee enjoys a complete liberty, as he/she is free to choose the policy configurations, the insurance agent and the insurance carrier of his/her choice. As a result, the individual can surely hope to get an insurance coverage that can best suit his/her needs. Individual short term disability insurance coverage may cost more than the group coverage. Usually, most of the insurance companies require one to have a healthy medical record in order to qualify for the coverage that he/she is looking for. The ones with a poor medical record may find it a bit difficult to avail individual short term disability insurance.
Group Short Term Disability
Here, the employer is responsible for paying the premiums. This not only benefits the employees, but also helps the employers in maintaining a quality workflow. Group insurance coverage costs less as compared to the individual coverage. For the ones with preexisting conditions may have to wait for a while to get the coverage benefits. However, for all the other medical conditions, the insured can get quick benefits. Here, the employee cannot make his own selection of coverage, as the employer is the one who decides on the type of the coverage for his/her employees. Once the employee leaves the organization, the coverage is discontinued.
Voluntary Short Term Disability
The voluntary short term disability insurance contains all the positive factors of group as well as individual insurance, thereby making it the most effective type of coverage. Another great advantage of voluntary disability insurance is that it is highly affordable. The employee is responsible for paying the premiums. The coverage continues even if the individual leaves the organization. This insurance can greatly benefit pregnant women, as apart from covering the basic labor and delivery charges, the policy also covers numerous complications that may arise at the time of delivery.
Various insurance companies these days offer short term disability insurance policies at the most attractive prices. However, you should not just blindly choose a company that claims to offer an insurance coverage with easy premium schemes. First, find out if the company you intend to choose is authentic. Online public reviews can help you find out about its authenticity as well as its past records. The best way to find a good insurance company is by comparing insurance quotes online. Numerous sites allow you to compare insurance quotes for free. By comparing the quotes on one of these websites, you can surely find the most suitable short term disability insurance for yourself or your employees.
Individual Short Term Disability
In this type of insurance, the employee is responsible for paying the premiums. The employee enjoys a complete liberty, as he/she is free to choose the policy configurations, the insurance agent and the insurance carrier of his/her choice. As a result, the individual can surely hope to get an insurance coverage that can best suit his/her needs. Individual short term disability insurance coverage may cost more than the group coverage. Usually, most of the insurance companies require one to have a healthy medical record in order to qualify for the coverage that he/she is looking for. The ones with a poor medical record may find it a bit difficult to avail individual short term disability insurance.
Group Short Term Disability
Here, the employer is responsible for paying the premiums. This not only benefits the employees, but also helps the employers in maintaining a quality workflow. Group insurance coverage costs less as compared to the individual coverage. For the ones with preexisting conditions may have to wait for a while to get the coverage benefits. However, for all the other medical conditions, the insured can get quick benefits. Here, the employee cannot make his own selection of coverage, as the employer is the one who decides on the type of the coverage for his/her employees. Once the employee leaves the organization, the coverage is discontinued.
Voluntary Short Term Disability
The voluntary short term disability insurance contains all the positive factors of group as well as individual insurance, thereby making it the most effective type of coverage. Another great advantage of voluntary disability insurance is that it is highly affordable. The employee is responsible for paying the premiums. The coverage continues even if the individual leaves the organization. This insurance can greatly benefit pregnant women, as apart from covering the basic labor and delivery charges, the policy also covers numerous complications that may arise at the time of delivery.
Various insurance companies these days offer short term disability insurance policies at the most attractive prices. However, you should not just blindly choose a company that claims to offer an insurance coverage with easy premium schemes. First, find out if the company you intend to choose is authentic. Online public reviews can help you find out about its authenticity as well as its past records. The best way to find a good insurance company is by comparing insurance quotes online. Numerous sites allow you to compare insurance quotes for free. By comparing the quotes on one of these websites, you can surely find the most suitable short term disability insurance for yourself or your employees.
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