Disability insurance is a special kind of policy that protects your income if your are unable to work due to an illness or injury. This kind of insurance is vital for young families who don’t have enough money in savings to cover their bills if the primary wage earner is unable to work for an extended period of time. However, Disability Insurance in Scranton PA is also an excellent investment for older workers who have some savings and investments but still depend on their salary to pay their mortgage and other living expenses.
Most disability insurance policies have a waiting period. The length of your waiting period will depend on several factors. For example, short-term disability policies have a shorter waiting period but may only pay benefits for a limited amount of time. Long-term disability policies have longer waiting periods that can range from three to six months but they pay benefits for a longer period of time. You may be able to reduce your premiums by extending your waiting periods. It is important to have enough cash on hand to pay your housing and living expenses during the waiting period. Disability insurance is also less expensive for young, healthy adults so you may be able to save money by purchasing a policy while you are young.
Be sure to take the time to analyze your expenses and determine exactly how much money it would take to pay your bills if you become ill or are injured in an accident and can’t work. Keep in mind that some expenses will be reduced or eliminated if you aren’t working. For example, your travel expenses may diminish when you no longer commute to work on a daily basis. You food expenses may also decrease when you prepare all of your meals at home.
A knowledgeable agent at Florey Insurance Agency can help you choose Disability Insurance in Scranton PA that is right for your and your family by carefully evaluating your current and future income needs. The best policy will provide between 60 and 80 percent of your take-home pay while you are unable to work and have a waiting period that is comfortable for you and your family.