It’s Disability Awareness Month – Make Sure It’s Part of Your Plan for Facing the Unexpected
May is disability awareness month, a reminder that it’s important to evaluate if disability insurance is part of your income protection plan.
Disability insurance provides financial protection at stressful time and is very different from other insurance products. An illness or injury can happen to anyone. Disability insurance pays you a portion of your salary when you need to miss work due to that illness, injury, or, even, having a baby. If you have a family that depends upon you, this insurance gives you an income stream if you need to take time off from work.
Every year, nearly six percent of workers every year will experience a short-term disability due to illness, injury, or pregnancy. Three quarters of these claims last up to 2.5 months, with the rest lasting from six months or a year. How will you pay your bills if you aren’t earning an income during this time?
More than one in four of today’s 20-year-olds will be out of work for 12 months or more for a variety of reasons before they reach normal retirement age.[1] This includes common health conditions such as knee, shoulder, or back injuries, cancer, heart problems, or depression.
Are you prepared?
Think of disability insurance as a salary protection insurance. Disability insurance pays you a portion of your income when you need to miss work for as short a period as a few days to as long as until you reach your retirement age.
No other insurance product helps to cover your day-to-day expenses in this way. Health insurance covers medical bills. Worker’s compensation only pays for injuries that happen in the workplace. Disability insurance protects your income.
Types of Disability Insurance
Short-term disability insurance (STD) plans usually protect your income for between three days and six months — although some policies offer coverage for up to two years. Short-term plans typically replace between 60 and 70% of your pay, depending on the policy.
Long-term disability insurance (LTD) protects your income if you need to miss work for longer than three to six months. It usually covers 40 to 70% of your income. The time your coverage pays benefits is usually six months — so you’ll need a plan to cover costs before the payments begin (usually this time is covered by your STD plan or your savings.)
Call Us To Review Your Disability Insurance Needs
If you aren’t currently offered disability insurance at work, or the amount they are offering won’t cover your basic living costs, consider purchasing individual insurance. We can help you identify the amount you need, the most suitable amount of time you’d want to receive payments, and which plan makes the most sense for your unique needs.
[1] U.S. Social Security Administration, Disability and Death Probability Tables for Insured Workers Born in 1997, 2017
Featured Blogs
- The Rise of Urban Gardening
- Art of Mindful Eating: Transform Your Meals, Transform Your Life
- Fueling Your Mind with Brain-Boosting Foods
- 5 Simple Ways to Boost Your Immune System (and 1 unusual way)
- What is Medicare?
- Benefits of Medicare Supplement Plan G Insurance
- Tips for a Stress-Free Tax Season Experience
- Understanding Medicare and Medicare Supplement (Medigap) Insurance
- Spring fitness ideas
- Inspirational women who make the world a better place
- Creating a Positive Start to Your Day
- Spring Forward: Adjusting Your Routine for Daylight Saving Time
- Gratitude - Key to a Positive Mindset
- Adopting a Holistic Wellness Approach to a Healthier You
- 3 Common Sense Things People Should Know
- Exploring Superfoods: Nutrient-Packed Ingredients for a Healthy Diet
- Unraveling the Mystery of the Extra Day
- Digital Detox: A Healthy You in a Hyperconnected World
- Financial Fitness in 2024: Budgeting and Saving Tips
- Three Joyful Habits for a Healthier You in 2024
- New Year's Resolutions: Staying Committed Year Round
- The Magic of Christmas Traditions
- Staying Healthy During the Winter Months!
- How to be a Time Management Whiz During this Busy Season
- Self-care tips for December
- Mastering the Mind: Techniques for Better Memory and Cognitive Function
- The Art of Productive Procrastination: How to Make the Most of Downtime
- Eating for Energy: Foods that Boost Your Stamina and Productivity
- How to enjoy and celebrate chilly, gloomy days
- Thriving in Your Golden Years: Strategies for Aging Gracefully and Vibrantly
- Best Dog Breeds that Suit Your Needs
- Reduce Stress: Develop Patience
- DIY Delights: Creative Projects for Seniors
- Coping with Seasonal Affective Disorder (SAD)
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- Navigating Medicare Part D: A Comprehensive Guide to Prescription Drug Coverage
- What’s Keeping You from Losing Weight?
- Individual Health Insurance in 2023: Navigating Choices for Personalized Coverage
- Medicare in 2023: Advancements, Challenges, and the Future
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Ways You Can Spend Less on Gas
- 7 Myths About Your Back Pain
- Happy Hannukah!
- Five Health “Hacks” For Happy Holidays
- It’s Tax Season! Are You Ready?
- Commonly Asked Questions About Life Insurance
- February is American Heart Month: We want you to take it to heart
- Start the year with a review of your insurance coverage needs
- Apps to help you manage your time and productivity
- Making the most of an annual insurance review