As a compliment to health insurance, disability insurance acts to replace lost income in the event of an event that causes time away from work.
Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
STD have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
LTD have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life. Disability policies have two different protection features that are important to understand.
Dental Insurance provides coverage for oral health care for individuals, groups, and businesses .
Disability insurance includes paid sick leave, short-term disability benefits, and long-term disability benefits.
Life Insurance provides the opportunity to protect your family’s financial future upon the insured's death.
Long-Term Care Insurance is designed to cover personal and custodial care in your home, facility or community.
You buy health insurance for the same reason you buy other kinds of insurance, to protect yourself financially.