The VanDyke Group | The benefit of disability insurance.
Find out how disability insurance will protect you financially if you are ill or injured and cannot work.
disabled, unable to work due to injury or illness
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12 Sep The Long and Short of Disability Insurance

Do you know what would happen if you became ill or had a serious injury that prevented you from going to work every day? This will happen to 25% of today’s 20 year olds during their working years. If you do not have disability insurance you will be facing a time in your life with no paycheck and mounting medical bills. How do you avoid that with disability insurance?

What is disability insurance? This type of policy will financially protect you if you become disabled before you retire or reach age 65. A disability is defined as a medical condition that reduces your ability to perform your work duties. There are two types of disability insurance. Short-term disability takes effect 1 to 15 days after becoming disabled and typically lasts 10 to 26 weeks. Long-term disability kicks in once the short term has expired, and can last 2 to 10 years.

How do these policies help you financially? By having either long-term or short- term disability insurance you will get paid on a regular basis while you are unable to work. This is usually a fixed amount based on a percentage of your regular income.

Approximately one-third of all employees will miss more than one month of work due to injury or illness. Can you afford one month with no paycheck coming in? Probably not. This is especially important if others are depending on your paycheck too.

To add to your long-term or short-term disability insurance you can obtain supplemental disability insurance. Supplemental coverage will help pay deductibles and copayments covering the gaps in the other policies.

Long-term and short-term disability insurance is usually part of an employer’s benefit package. Check with your human resources department for your exact coverage or availability. Individual disability policies are also available from your insurance agent.

Source: 2017 Zywave, Inc.

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Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.