Disability Insurance
Definition of 'Disability Insurance'A program managed by the Social Security Administration that insures a worker in case of a mishap. Disability insurance offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period. Employees who've paid the Federal Insurance Contributions Act (FICA) tax for a certain amount of time, are eligible to receive the Social Security disability income insurance.Also referred to as disability-income insurance. |
|
Investopedia explains 'Disability Insurance'The Federal Insurance Contributions Act (FICA) is a United States law that requires employees to contribute a part of their earnings to fund Medicare and Social Security. Employees who have become disabled can receive this income insurance for at least one year. Income insurance payments begin on the sixth month of disability. |
Related Definitions
Articles Of Interest
-
Talking To Aging Parents About Money
Addressing this difficult topic is crucial, but you must approach it with compassion. -
What You Need To Know About COBRA Health Insurance
We go through everything you need to know about COBRA so that you can decide if it's right for you. -
Human Capital: The Most Overlooked Asset Class
The skills and knowledge that allow you to make money are your best asset. Remember to invest in yourself! -
5 Insurance Policies Everyone Should Have
Insurance policies come in a wide variety of shapes and sizes. Shop carefully and the right policies will go a long way towards helping you protect your assets. -
Choosing The Best Disability Insurance
Social Security benefits can be hard to collect. Find out why you need disability insurance to protect your income, and learn how to choose the right policy for you. -
Long-Term Care Insurance: Who Needs It?
No one is immune to the possibility of one day needing long-term care - and the costs can deplete a life savings. -
The Disability Insurance Policy: Now In English
Learn to translate this complicated policy so you can rest assured you're covered. -
Long-Term Care Insurance: You Have Options
The latest offerings provide more coverage and the ability to pick and choose what types of coverage you'll need. -
An Introduction To The Keogh Retirement Plan
Learn more about this popular defined-contribution retirement plan that many business owners, proprietors, and self-employed people can benefit from. -
Enough Money To Not Worry
Our retirement goals have not changed. We still want enough money to not have to worry about it. How we go about getting there, however, has been changed dramatically.
Free Annual Reports