Warning: Illegal string offset 'name' in /home/ddhamilt/public_html/financialplanningtips.net/wp-content/plugins/genesis-simple-sidebars/plugin.php on line 105

Warning: Illegal string offset 'description' in /home/ddhamilt/public_html/financialplanningtips.net/wp-content/plugins/genesis-simple-sidebars/plugin.php on line 107
Before You Take the Plunge: Short Term Disability Insurance Premiums | Financial Planning Tips

Before You Take the Plunge: Short Term Disability Insurance Premiums

When applying for short term disability insurance, there are both premium plans to choose from as well as voluntary or mandatory options. The voluntary enrollment option is an employee payment plan; the employee has to choose to enroll in the plan and pay for the premium.

The mandatory enrollment has two options you can choose from when filing for disability insurance premiums: an employer pay option and a mandatory, employee pay option. The first one is an employer pay plan where the employer must pay for the option (the employee must sign up voluntarily). Then, there is a mandatory employee pay plan where the employee must sign up for the plan and pay the premium. In some states, there are both employer and employee pay options for the short term disability insurance premium, but this depends on the type of insurance company. Because these premiums are for a limited time only, they will run out. If you are still in need of disability (when the short-term funds have been exhausted), you will have to file for a long-term plan or income protection insurance.

With all short term disability insurance premiums there is a waiting period prior to the policy activation; the waiting time varies from seven to thirty days. If you desire a long-term disability premium or income protection insurance after your short-term benefits run out, then it would be good to file for it in the duration of your short-term benefits. Short-term disability premiums are so named because they last for a short amount of time only; the average time frame of the duration of your short-term benefits runs from about sixty to ninety days. The waiting period for benefit activation and the duration of benefit activation are the same for both voluntary and mandatory enrollment.

Financial pay is another consequence of signing up for short term disability insurance premiums, and the weekly maximum amount is $1,500. The weekly premium is the same for both voluntary and mandatory enrollment because you cannot receive higher than the specified amount–though you may receive a premium lower than this. The best way to find out the exact amount you qualify for in your specific situation is to go online and get a disability insurance quote, which can be done for free and in a few easy steps.

Disability insurance quotes can come by way of visiting reliable insurance company websites and choosing inquiry selections that allow you to submit personal information to receive a free quote. These quote features require you to supply your age, medical information and history, how long you have had insurance, and other such pertinent information that is necessary to assess your particular case.

--------------------------------------------------------------------------------------------

If you liked this article, get email updates (they're FREE)

Enter your email address:

Delivered by FeedBurner

--------------------------------------------------------------------------------------------
About FPT Guy