And even if you do qualify, the benefits probably won't be enough for you and your family to maintain even the most basic standard of living. The second kind of disability insurance you may already have is workers compensation. Most employers are required to provide this coverage. The amount and duration of monthly benefits varies by state. Just as with Social Security disability payments, it s wise to think of workers compensation as a nice extra if you qualify, but don't count on it.
Insurance is always complicated and disability is no exception.
There are all kinds of disability policies and permutations. However, the basics are simple. The first variable is the amount of monthly benefit. Most disability policies have a fixed monthly benefit that does not increase with time, although you can purchase extra coverage, or riders, that offer higher payment schedules. The third variable is the waiting period, or the amount of time you must be disabled before benefits kick in.