Protect Your Financial Well-Being From Disability
Disability Insurance is coverage that provides you with income protection, should you lose time on the job due to an injury or illness. With disability coverage, you are compensated for a portion of your lost income. Disability insurance can include paid sick leave, short-term disability benefits, and long-term disability benefits. Disability Insurance can also be provided by your employer or can be purchased on your own as an individual.
Short-Term Disability Insurance (STD) typically begins within 1-15 days of the accident or illness causing your disability. The coverage allows you to continue to receive a percentage of your normal income while you are unable to work. Typically, STD coverage lasts for about 52 weeks. When STD coverage ends, Long-Term Disability Insurance (LTD) would typically take effect. The length of a LTD plan varies; some may be as short as 2 years where others can pay until age 65.
The risk of disability is greater than most people realize. When you become disabled and loose time to work, your source of income is eliminated. In addition to lost income, you will most likely experience an increase in medical expenses to deal with your injury or illness.