How long could you survive financially if you weren’t able to work? Disability insurance is an important protection for your family or your employees. Scroll down to learn more.
Are you living paycheck to paycheck? Most people do.
What would happen if you lost your ability to earn income? What if you could not work?
Most people simply don’t think about insuring their income even though it’s one of their most important assets. Let’s take 5 minutes to learn the basics of disability insurance:
Why do you need it?
Disability insurance helps fill in a significant gap between health and life insurance coverage. It can help you avoid the side effects of being unable to work – things like foreclosure and being unable to pay your other bills.
How does it work?
Disability insurance typically pays 50-66% of your income if you are unable to work due to a disabling event or medical condition. That money could sure come in handy.
You begin receiving benefits after an “elimination period” – this is the amount of time you’re out before your benefits kick in. The longer the elimination period, the lower the cost of the policy. Most long-term disability insurance plans will have an elimination period of 90 or 180 days. Sometimes an employer group uses short-term disability plan to cover most of the elimination period.
Who needs it?
Most of us. It’s estimated that 71% of Americans live paycheck to paycheck. The Social Security Administration estimates that 3 out of 10 people entering the workforce today will become disabled for more than a year at some point.
Read that again.
Are you prepared for such an event? Few people are.
If you have a family that depends on your income, you have even more reason to consider a disability plan.
Group disability as an employee benefit
Think about this, boss: What if an employee became disabled and could no longer work? Would you feel obligated to help him or her?
Disability insurance would allow you to help an employee make it through an extended absence related to illness or injury. A short-term disability policy is a great way for a small business to provide maternity leave as well.
For a small employer, a group disability plan is a really nice employee benefit to provide for your team. Frankly, it can be a pretty expensive policy for an individual. Group rates, however, are much more affordable.
Individual disability insurance
Let’s be brutally honest. Individual disability insurance is not cheap. But it could be very important to you and your family. Let’s talk about it and see if there’s a creative solution that fits your budget.
How to learn more or get prices
We’re happy to help with no obligation and no hassle. Let us know.