If your company offers a Short Term Disability Insurance policy, then you should look for individual disability insurance so that you’ll have financial support long after the short term disability insurance policy offered by your company.

The good thing about individual disability insurance policy is that the premiums are not that expensive and will usually complement your company disability insurance policy. For example, the premium of disability insurance policy of an office worker is small since they are less prone to any types of danger.

On the other hand, those that are working in dangerous conditions can also look for a disability insurance policy that will cover those situations that are not covered by the company disability insurance policy.

Whatever insurance policy you’ll be availing, just be sure to go to a company that offers no less than 60% of your net income. Anything less than that will place you in a financial crisis since the financial support you’ll receive will never be enough.

More than just a Disability Insurance Policy

Aside from financial support when disability happens, there are additional options you can add to your insurance policy:

COLA (Cost of Living Adjustment)

Instead of receiving the same amount of financial support, you’re financial support increases as the cost of living is adjusted.

Return of Premium

Instead of letting them have all the money for insurance, you can avail this feature so that you will receive a refund when nothing happens to you after the a few years, based on the insurance policy.

Coordination of Benefits

Because we often have more than one insurance policy, the coordination of benefits will ensure that we receive the financial support when all the insurance policies are combined. When one is lacking, other insurance policies will compensate the lacking amount.