Disability Insurance

Disability Insurance is a tool that many people should consider. There are options available that may be able to help you in various situations. In this article we will take a look at disability insurance to outline the way it works.

What is Disability Insurance

Disability insurance is a way for you to be covered and make an income if you are unable to work due to a disability. Each plan has a definition of a disability and the qualifications needed to be met in order to be covered. You may need to work with a physician to submit information to the insurance company.

Types of Insurance

There are two main types of disability insurance, short term and long term. Short term is coverage for a worker for a short period of time, as the name states. The typical time frame is about 3-6 weeks. It will offer a portion of your salary for this time period. Short term might be good for a surgery or procedure that won’t allow you to work. Long term disability is just like short term but obviously for a longer period of time, around 6 months or more. A long term plan may be good for someone who has an illness like cancer.

Ways to Get

Disability Insurance can be acquired many different ways. There are private companies that sell.  Most private insurance companies where you may find home, car or health insurance offer plans. You can have luck finding information online. It can also be offered by social security/the government. Social Security offers special programs for those suffering from major illness. That way everyone can be taken care of in the event of an unforeseen event.


When shopping around for disability insurance, it is important to review the terms. Once you do your research you will learn a lot of the key terms.

Elimination Period- This is the period of time that must pass before your policy can take into effect. Basically when your policy starts you can not ask for coverage until the elimination period is over. Elimination period vary, can be anywhere from 2 weeks to 9 months. 

Any Occupation/Own Occupation– This term used in disability coverage explains the circumstances of your disability. Are you unable to do any form of work or are you only unable to do your own occupation or own line of work. This is a key element of coverage.

Benefit Period- The benefit period is the length of time you will receive the portion of your salary payments and benefit.


The price of a policy depends on many things, many of them being the terms mentioned above. 

Hopefully this provides you with an outline of disability insurance and can help you determine if it is right for you.

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Keeping an Eye on your Accounts

Many of us may have memories of our parents or grandparents getting out a pencil and sitting down to balance their checkbook regularly. As the popularity of debit cards and electronic payments skyrocketed, the practice of balancing a checkbook started being viewed as “old-fashioned.”

Keeping an eye on your account can be done a few different ways. Many financial institutions still mail (or email) monthly statements to deposit account holders. Take a look through those when they come every month and make sure everything looks right.

Also, sign up for online and/or mobile banking. This is a great resource to know where you stand at any point – but keep in mind some transactions take longer to post to your account than others. It’s a great idea to check your account online every day, or at least every couple of days.

If you make a transaction at your financial institution, whether it’s with a teller or at the ATM, ask for a balance on your receipt. This doesn’t give you many details, but if it’s far off from where you think it should be this is a trigger for you to do more research.

As the banking industry changes, employees in financial institutions have more opportunities to be trained to provide more customer service than when they were focused almost entirely on transactions. Get to know an employee at your local branch and reach out when you need help. They are there to help, but they can’t if you don’t ask or aren’t honest with them.

While it may look different now, keeping an eye on your bank accounts is still a super important practice. You may not keep track of every single transaction in a check register, but you need to know what’s going on in your account for a few different reasons.

  • Knowledge of your balance

Debit cards and electronic payments make it easy to keep spending and have no idea how much money you have in your account. One of the most basic, but important, reasons to keep an eye on your bank account is to know how much money you have.

Failure to keep track of your balance can end up being a very costly mistake. The average overdraft fee in America is $30, which means that every time you swipe your card to pay for something you don’t have money in your account to cover, you’re automatically going to pay around $30 more. Unfortunately, even a $1.50 soda can end up costing you $30 extra if you aren’t paying attention to your account.

  • Preventing fraud

With billions of dollars in fraudulent charges made annually, it’s important to keep an eye on your accounts to make sure you recognize every single charge. Even if a charge is only 99 cents or a few dollars, don’t ignore it if you don’t recognize it. A common fraud practice is to process a fraudulent transaction for a dollar or two to see if you notice, then they will hit your account for a much larger amount. This can be devastating, especially for families who live paycheck to paycheck.

If you ever see a charge that you don’t recognize on your bank account, don’t hesitate to contact your financial institution and ask. Most every financial institution has people trained to take care of fraud and they can do some research with you to try and find out what the charge might be and help you get it taken care of if it’s not yours.

Even if you and a bank employee discover together that a purchase you made online came through your account under a different company name than you expected, it’s much better for both you and your financial institution to be safe rather than sorry.

  • Mistakes happen

Mistakes can happen – whether it’s at the bank or a merchant where you’ve written a check or swiped your card. If you notice something that doesn’t seem right, always contact your financial institution right away. And if you miscalculated and need to use 24Cash to get a loan until you can catch up, do what you need to get by.

If you see a deposit in your account that you didn’t make, don’t just assume it’s your lucky day. Always contact your bank right away because spending it will eventually catch up with you when someone wonders where their deposit went and the paper trail leads back to your account.

Mistakes happen, and if it’s not your money, it’s not yours – regardless of mistakes. The right thing to do is make your financial institution aware right away of extra money (or less money) in your account than you think you should have.

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Moving Your Home Business Out of the Home? 4 Tips for Choosing the Right Commercial Mortgage

Your home business has turned out to be a lucrative venture. In fact, you need more space than your basement or spare room can provide. Now is the time to find a small commercial property and take your company to the business district. As you consider your options, choose the financing wisely. Put these tips to good use and your commercial mortgage by CloverMortgage will be just what you need.

Take a Good Look at Your Credit Scores

Assuming your business has been around long enough to establish a credit history, you can bet that lenders will want to look closely at what the current business credit score happens to be. Some may also want information about your personal credit score since you are the business owner. Before submitting an application, do check all of your scores. Doing so will ensure you can answer any questions that the lenders may ask after reviewing the credit reports.

Look in the Right Parts of Town

There are a number of factors that go into choosing the right commercial property. Location is one of them. Ideally, you want to focus on areas that are predicted to continue appreciating in value. That can be an older business district located near residential areas that are currently enjoying an upswing in value. As the property values in the area continue to improve, the commercial property that you buy now could be worth quite a bit more in a few years.

If you’re not sure where to look for an ideal property, take the time to review Canada’s housing market predictions and identify up and coming residential areas located near commercial areas. If the trend for an area is anticipated to last for several years, that’s where you want to invest in a commercial structure.

Consider How Much You Need to Borrow

Don’t expect lenders to cover the entire purchase price of the commercial property. Most will extend loans anywhere between 55% and 80% of the current market value. That means you will need your own cash for the deposit.

Keep in mind that they type of commercial property does make a difference. For example, you are likely to get a loan for a larger percentage of the purchase price if you’re buying an office building versus a farming establishment.

Pay Down Current Debt

Along with your credit scores, do expect lenders to be interested in the difference between what you owe and how much revenue the business takes in on a monthly basis. This is sometimes referred to in the banking industry as the debt service coverage ratio. Essentially, the lender wants to ensure there’s enough cash left over after you pay on current debts to make the mortgage payment.

If possible, pay off some of your current debts before applying. The positive comments left on your credit reports will help your cause. It also frees up more of your collected revenue and makes it easier to prove that you do have the resources to manage the mortgage payments efficiently.

Plan your next move carefully. Doing so will make it easier to finance the purchase of the commercial property and position your business for future growth.

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