Did you know 1 in 4 of today's 20-year-olds will become legally disabled before they retire?
What is disability insurance?
Disability insurance provides and helps replace your income so you can pay your bills if you get too sick or injured to work. Disability happens to more people, more often than you may think. In fact, more disabilities are caused by illness than injury, including common conditions like heart disease and arthritis, and most disabilities are not covered by Workman’s Comp.
Your paycheck helps you maintain your current way of life. If you find yourself unable to work, disability insurance replaces your income to help ease the financial stress of a covered illness or injury.
Types of disability insurance
The three main types of disability insurance are short-term, long-term and supplemental. A short-term policy helps you cover lost wages immediately after an incident, and a long-term policy helps provide financial protection for disabilities that can last for years. You can also buy supplemental coverage on top of your work benefits to help provide extra financial protection.
If pregnant, injured, suffering from depression, or diagnosed with an illness, short term disability insurance provides income replacement during your work absences.
Helps maintain your standard of living while recovering from a chronic disability: muscle, joint or back problems, depression, and other issues.
A great add-on for employees and individuals who want to protect a greater percentage of their income, bonuses or commissions.
Do you need Disability insurance?
Although there are several federal and state approved programs available to help cover lost wages, as well as many employers who offer disability insurance benefit packages, they are generally limited as to how one may qualify to elect benefits, as well as the amount and duration in which benefits will be paid. In some cases, state approved benefits may not be enough to cover all of your expenses.
If you're concerned with how you would pay the bills and medical expenses after being unable to work due to a disability, whether short-term or long-term, you should strongly consider how a disability insurance policy can help protect you, your loved ones and all the other things you hold close to you.
Already insured through your employer and want to best determine if additional disability insurance is right for you? We recommend consulting with your employer about the specifics of your current benefits and any federal or state approved programs that you are entitled to. If your current monthly expenses exceed your current benefits, it may be in your best interest to seek out additional coverage on your own.
If you are unsure what to ask or how to approach the situation, give us a call and we can work with you side by side to get a proper understanding of your current situation and benefits, and whether or not additional disability insurance might be necessary.