Individuals

Disability insurance typically provides disability income benefits that begin at the end of a specified waiting period and that continue until the earlier of the date when the insured person returns to work, dies, or becomes eligible for pension benefits.

Disability insurance exists to replace income in the event of total or in some cases partial disability, due to accident or illness.

The variations in policies come in the form of waiting (elimination) periods and length of coverage. The waiting period is the amount of time you must wait before benefits begin. Typical waiting periods include 30 days, 3 months, 6 months and 1 year. This is equivalent to a deductible. The length of coverage can vary from 2 years, 5 years, to age 65 or in some cases lifetime.

The best definition of disability for the purposes of disability insurance would include the inability to perform the duties of one's occupation. Disability insurance protects against this loss of income in the event of this inability. Age, occupation, waiting period, coverage amounts and coverage length all contribute to the determination of policy costs.

When purchasing a life insurance policy, one should be familiar with the various options. While the amounts and length of policies differ there are two basic types of life Insurance:

• Term Life Insurance
• Permanent Life Insurance

When purchasing a health insurance policy, one should be familiar with the various options provided by various insurance companies. Some of the type plans that are available are:

• HMO
• PPO
• POS
• Indemnity Plans

Long term care is something you may need if you can no longer perform everyday tasks by yourself. For example, there may come a time when you need help dressing yourself, feeding yourself or even bathing.

Long term care also includes care needed if you had a severe cognitive impairment like Alzheimer's disease or dementia. You can receive this care in a variety of settings, including your home, an assisted living facility, adult day care, hospice facilities or in a nursing home.

The need for long term care usually arises from age or chronic illness, injury or disability. In fact, approximately 60% of us who reach age 65 will need long term care at some time in our lives. But it's not just a retiree's issue.

Long term care can be covered in part or completely by long term care insurance. Most plans let you choose the amount of coverage you want, as well as where and how you want to use your Long Term Care benefits. A comprehensive plan includes benefits for all levels of care, custodial to skilled.