Disability Insurance Florida plans are forms of insurance wherein the beneficiary's earned income is insured against the risk of any disability that will make working and earning impossible. Benefits from a disability insurance Florida plan can include paid sick leave, short-term disability benefits and long-term disability benefits.
When you can't work because of sickness or injury, a disability insurance Florida plan pays you either a weekly or monthly income. The payout is either a percentage of your income or a set dollar amount. The disability insurance Florida policy defines how much you will be paid, how soon after you are disabled payments appear in your mailbox, and when they will cease. Benefits periods may depend on whether the disability was caused by an accident or illness. The longer the benefit period, the higher the premium will be.
There are many kinds of disability insurance Florida plans. Some insurance plans are available from your employer through its group health package and from private insurers. There are also various public sector programs including social security and some state disability insurance programs. Veterans, members of the armed forces, federal civil servants and coal miners are also insured by federally-sponsored programs.
Individual disability insurance in Florida is truly a basic concept. It is an insurance plan designed to replace anywhere from 45%-60% of gross income on a tax-free basis in case of sickness or illness that prevents the insured from earning an income in his/her occupation. Every disability insurance Florida policy is very different. This is not a product to simply shop for the most competitive rate. To simply buy the cheapest disability insurance policy on the market is not always the best decision. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract.