What is income insurance from disability?
Insurance on income in the field of disability is insurance coverage, which usually applies to insured parts of its regular wage in case of inability to work due to injury or illness outside the workplace. In the United States, this type of insurance is most often purchased by businesses and included in their employees' compensatory packages, along with life and health insurance. The premium paid for insurance income insurance can be absorbed by the employer, handed over to employees or shared in some way. Instead, it is designed primarily for the protection of the employee's income, while it is unable to work, although the benefits of most plans are only part of the wage or salary of the insured. Participation in such a plan is usually a condition of employment with those employers who offer it, but it is legally required only in the handful of states. If workers are unable to work due to illness or injury in the workplace, the cost of treatment and exchange of income is covered with work compensation programsKUS that are mandatory at a nationwide level.
Other types of income insurance include some intended for paying high -income workers up to 100% of their lost remuneration, and others that pay the employer when the key employee is deactivated. Another type that often removed small -time owners is designed to pay business accounts while the owner is deactivated. In addition, those whose employers do not offer any income program in the field of disability sometimes remove income insurance themselves.
Income insurance insurance policies often have waiting time, usually a week or two when an employee cannot work, but does not choose benefits according to this policy. The longer this period, the lower the bonus for the disability of the insurance. Waiting time is also considered a tool for retaining costs, with the idea that waiting timeand discourages Malinging. Disability programs with waiting periods often work in conjunction with the employer's own policy, so paying during the waiting period is covered by an employee's accumulated period.
However,income insurance plans generally do not apply to the full remuneration of the employee; On the contrary, it is rare to pay more than 80%for such plans and most pay around 60%. They are specially designed to help the insured pay bills than to lead a carefree lifestyle, which makes them attractive to employers. Many companies cannot afford to provide income to non -working employees, but want them to be able to meet their basic expenses while they are sick.
programs of longer-term disabilities that last for more than 12 months-not employers do not offer. In industrial countries, such as the United States aspsed by the Kingdom, liability for providing revenues to the long -term disabled, it generally belongs to the National Social Insurance Program such asis the American Social Security Program or National Insurance in the UK. The Social Security Program provides only participants in the field of disability to participants under 65, which certifies as completely and permanently disabled, and candidates often have to obtain legal advice to help them navigate what is often a long and confused process.