It’s critical that you protect your most valuable assets should a tragedy strike: your family, home, and income.
Disability insurance can help to protect your financial security should you be out of work during a prolonged sickness or injury by supplementing all or a portion of your normal income.
Disability payouts can help cover bills like your mortgage, tuition and car payments, as well as living expenses such as food, clothing and utilities. Depending on the severity of the situation, disability policies can come with both short and long terms:
Short Term Disability can replace a portion of your income during the weeks of recovery time it takes to get back on your feet. Policies can cover up to one year of disability. In addition, your plan may include services to help you return to work after an illness or injury.
Long Term Disability replaces a portion of your income during an extended disability. This plan will provide a steady stream of income while you are unable to work. Long Term Disability Insurance can help you meet your financial obligations and avoid going into debt. In addition, your employer’s LTD plan may include return-to-work support and rehabilitative services. These services are designed to help you realize the goal of recovery and a return to independent, productive work.
Can short term disability be used for an illness before moving into a long term payout?
Yes, there are many reasons why someone would begin receiving coverage from a short term policy before needing to enact something more long term. In fact, short term policies can even provide coverage during the waiting period for your long term disability plan to kick in. Talk to one of our team members to make sure that your benefits plan includes these policies.
If my employer does not provide disability insurance in our benefits plan, can I pay for a policy separately?
Yes, of course! If your employer does not offer disability coverage, or if you are self-employed, you can buy personal disability insurance through our agency. Just give us a call!
Am I allowed to still earn money while taking a disability payout?
The answer depends on the language in your particular disability policy. The likelihood is that you could work in some type of different occupation and earn money. However, there are some restrictions to this. Give us a call to look through your specific policy to evaluate your options.