What Is New York State Disability Insurance?

*Please note that New York State Disability Insurance Quotes does not sell disability insurance. Instead, we match your information with a local, New York disability insurance provider who is able to offer you a disability insurance quote that best suits your needs.

New York state disability insurance is an insurance policy your employer may offer you through your employee package. If your employer does not offer this type of New York state disability insurance or if the policy your employer offers doesn't have enough coverage for your needs, you can purchase New York state disability insurance individually through a provider. If your employer offers New York state disability insurance, they may pay partial or full premium payments. If not, or if you obtain your own insurance policy, then you will pay monthly premiums, just like you would with any other insurance package that your responsible for making payments on.

Deciding whether to obtain New York state disability insurance is usually something most of us don't like to think about. You must face facts though and decide how much risk you are willing to take should you suddenly find yourself unable to work for an extended period. How many months can you and your family rely on your savings and investment accounts? How easy will it be for you to continue to build your financial security for your retirement years (and not use any of these funds, as well)? Can your spouse's income cover the lost salary?

With a disability insurance policy, if you become unable to work because of a disabling accident or illness or sometimes even a mental health illness, you are paid a set amount in benefits each month. Your income level helps determine your need. In general, experts say that consumers who make less than $40,000 a year usually don't need it. Some insurance companies won't even offer you coverage if your income is below $20,000 a year.

Coverage Issues -

• There are numerous types of New York state disability insurance packages. Your individual coverage will determine when your benefits actually begin, how much you receive, the limitations on your coverage and how long you can receive benefits. Check with the disability insurance provider who contacts you and ask them what package would be right for you.
  
• The amount of monthly benefit. Most disability policies have a fixed monthly benefit that does not increase with time.
• Definition of disability (1) inability to perform the duties of your specific occupation - (2) inability to perform the duties of any job for which your education makes you qualified.
• The amount of time you must be disabled before benefits start, i.e. waiting period. These waiting periods can range from one week to to years.
• Benefit period, or how long you will receive monthly benefits once your policy starts paying. The benefit period can range from six months to life.