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(646) 543 - KOBA (5622)

Info@kobacapital.com

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Friday till 01:00 PM

70-50 Austin St

Forest Hills, NY 11375

DISABILITY INSURANCE

Koba Capital

DISABILITY INSURANCE

As the name suggests, this insurance is for those who cannot work anymore due to a disability. However, this is not similar to workers’ compensation insurance. Workers’ compensation insurance provides benefits like payment for medical treatments and payment of partial wages until the employee can rejoin work. Disability insurance works differently. It offers partial wage replacement if you become disabled, ill, or cannot work.

At Koba Capital, we make it easier for you to get your disability insurance. All you have to do is go through the medical checkup or provide your recent treatment documents that prove your disability. Then, we can get things underway immediately.

Koba Capital

Disability insurance is not similar to health insurance. Health insurance takes care of your medical bills and treatment costs. Disability insurance replaces a part of your income when you can’t work because of your illness. Do note that this type of insurance doesn’t replace your full income. Instead, it provides wage replacement benefits where you can receive approximately 60% of your monthly earnings.

Some people say it’s wrong to have a ceiling on the amount of money you receive from disability insurance. But you should understand that receiving 60% of your wages is still a better deal than not getting anything. It would provide some money to make ends meet.

Types of disability insurance

You can go for either short-term disability insurance or long-term disability insurance. Here’s how they work:

Short-term disability insurance

Short-term disability insurance pays your partly income from nine to fifty-two weeks. The extent of the payment depends on the insurance policy you take out. For example, minor disabilities like ankle sprain that keeps you away from work may take four to six weeks to heal. In such cases, you can take out a six-week disability insurance policy. But remember – the benefits usually start after eliminating a waiting period that can be anywhere between seven and fourteen days. However, in some cases, there is no waiting period. We will walk you through your short-term insurance plan once you contact us.

Long-term disability insurance

As you can figure out from the name, long-term disability insurance can last for years and not just for fifty weeks. Our long-term disability insurance policies can provide 50 to 60% of your base wages. We pay out your disability benefits for the time mentioned in the plan. Long-term disability benefits come with a maximum age capping. For example, you may not receive your partial wage replacement benefits after turning 65.

We have options for both short-term and long-term policies. You can choose both or stick to only one policy depending on your disability or the average recovery time of your illness.

How does disability insurance work?

Disability insurance is compensation for your lost income. For example, if you earn $60,000 per year before becoming disabled, your disability insurance may provide partial income up to 50 or 60% of that amount. But the insurance policy ends once you are fit to go back to work.

You need to satisfy a few conditions to become eligible for a disability insurance policy. According to the US Social Security System rules, you need to prove your disability from engaging in the work you used to do before meeting with the accident or injuring yourself. The Social Security System also mentions that you need to demonstrate that your disability will last for a minimum of 12 months, or you may die due to the disability.

There are a couple of more things that you need to keep in mind before taking out a disability insurance policy:
  • Insurance premiums vary depending on the amount of money you may expect to receive after your disability. Plans that provide a long-term payout may have a comparatively higher premium amount than short-term disability insurance policies.

  • Your insurance policy will include the length of the policy’s elimination period and the exact amount you will receive. The elimination period means the amount of time you need to wait before the policy kicks in.
Koba Capital

Koba Capital is one of the leading insurance companies in Queens, New York. With over a decade of experience under our belt, we assure you that you will receive full cooperation from our representatives. We work to make you happy and your life easier. Contact us today to discuss your disability insurance, and we will try to arrange a deal as soon as possible.

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