When we use the term “electrician” the first thing that we’re going to want to address is the fact that this “title” can be used to describe a wide range of career paths. It could include folks who are simply making service calls to residential locations, or it could also include folks who are responsible for managing the power supply for an entire city!
And between these…
Two potential job “titles” lies a million and one possible roles you could play as a electrician. Each of which will come with it’s own unique set of challenges and potential dangers which is probably why you’re looking into possibly purchasing a disability insurance policy on yourself in the first place.
And the simple fact..
That you’re already taking a “pro-active” approach to protecting yourself and your family without having already been seriously injured means that, you’re already doing WAY better than most folks who don’t even start thinking about purchasing either a Short Term Disability Insurance policy or a Long Term Disability Insurance policy until it’s too late.
Which is why…
In this article, we wanted to take a moment and discuss some of the differences you’re likely to encounter when “shopping” for a disability insurance policy as well as hopefully help guide you to what will be the “best” disability insurance policy for you!
So, without further ado, let’s start off by first discussing the differences between most short term and long term disability insurance policies.
Short Term Disability Insurance Policies.
Now as the name suggests, Short Term Disability Insurance policies are designed to help provide financial coverage in the event that you were to suffer from an injury or illness that prevented you from being able to work for a “short” period of time.
In general, short term disability insurance policies…
Will usually cost less than most long term disability insurance policies but will typically only provide coverage for up to 2 years.
You’ll also typically need to wait for about 2 months (exclusion period) from the date of your injury of diagnoses before you will be eligible to receive your disability insurance benefits, which means that at best, these types of policies are only going to function as a temporary relief in the event that you do become seriously sick or injured.
But don’t get us wrong…
Short term disability insurance policies are great, if your injury or illness is one that will resolve itself relatively quickly, but what if it isn’t? What if the “root cause” of your disability isn’t going to go away any time soon?
In cases like these, it is “helpful” to have a disability insurance policy in place, but just knowing that you only have some many “benefit payments” left before your policy expires can certainly be a dreadful experience.
This is why…
We here at TermLife2Go will generally recommend that all electricians first look at purchasing a long term disability insurance policy first then if it doesn’t look like that will fit into your budget, then take a look at what a short term policy would cost.
Long term disability insurance.
Long term disability insurance is disability insurance that is meant to last for a long time, typically at least 2 years however, the many long term disability insurance policies will provide coverage for 5, 10, or 15 years. Individuals may also elect to have their coverage remain in place until they hit certain ages such as 55 or 60.
This is why…
We here at TermLife2Go like recommending long term disability insurance policies because they can be purchased in a way that can significantly reduce one’s financial liabilities in the even that they suffer from an injury or illness causing one to become permanently disabled.
But what does it mean, to become “disabled”?
It’s important to understand that becoming “disabled” can take on many shapes and sizes. It is not limited to horrific injuries causing paralysis or permanent brain injuries. It could also mean that you suffer from debilitating back pain, or that you’ve been diagnosed with cancer or suffer from a coronary condition that prevents you from being able to work.
There are 1000’s of medical conditions which could lead you to become “disabled” which is why should you choose to purchase a disability insurance policy, you’re going to want to review what “restrictions” your policy may contain and understand what “definition” the policy uses when determining what constitutes being unable to work.
In general, you’re going to find that most disability insurance policies are going to follow either the “any occupation” or “own occupation” when it comes to determining whether or not you’ll be able to qualify for your disability insurance benefits after becoming disabled due to an injury or illness.
And since this is such…
A major consideration, we wanted to take a moment and discuss each type so you’ll have a basic understanding of the difference between the two so that you don’t find yourself disappointed with the “type” of disability insurance policy that you bought should you ever need to rely on it.
Any occupation policies basically state that you will only be eligible to collect your disability insurance benefit it you are no longer to work in any occupation. Meaning that even though you may not be able to perform your duties as an electrician, you still may be able to “become” a cashier a Walmart (Nothing against cashiers at Walmart, we just assume that they don’t earn as much as a licensed electrician).
Now let’s compare this…
To an Own Occupation Disability Insurance which would provide coverage and benefits if you became disabled and were not able to work as an electrician. You might still be able to work in some other profession, but that is beside the point because your policy was insuring the fact that would need to be able to work as a electrician.
This is why…
We here at TermLife2Go will generally also recommend that folks first look at what it would cost to purchase an “own occupation” disability insurance policy, then if it looks like these may be too expensive, then take a look at an “any occupation” option.
Now the good news is…
That here at TermLife2Go, we offer all sorts of different disability insurance policies from multiple insurance carriers so ultimately, were here to help you purchase what “type” of disability insurance policy that you “feel” is the “best” for you. Because at the end of the day, only you will be able to determine which that is.
All we’re here to do is…
Answer any questions that you may have and make the process of determining which disability insurance policy is right for you as easy as possible. So, what are you waiting for? Give us a call today and see what we can do for you!