If you were disabled and unable to work as a result of an accident or illness, what would your family do for income? Disability income insurance can replace lost income. Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65.
There are three basic ways to replace income:
- Employer Paid Disability Insurance: Most employers provide some short-term sick leave. Many larger employers also provide long-term disability coverage.
- Social Security Disability Benefits: These benefits can be paid to workers whose disability is expected to last at least 12 months and is so severe that no gainful employment can be performed.
- Individual Disability Income Insurance: For most workers, even those with some employer-paid coverage, the best way to provide adequate income in the event of disability is with an individual disability income policy. You can replace from 50% to 70% of income with these plans. When you pay the premiums yourself, disability benefits are not taxed.
There are two types of Disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
- Short-Term Disability (STD) - STD policies have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
- Long-Term Disability (LTD) - LTD policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
We offer both Short Term and Long Term Disability Insurance options.
|
Disability
