With many Americans losing their jobs and the population aging, the need for disability insurance has never been greater. If you or your loved one experienced a job loss from a benefited position, you’ve lost your disability insurance. If you’re a sole practitioner and you can’t work, you may fall behind on your bills.
Many Americans rely on Social Security Disability Insurance (SSDI) when they become disabled. However, it’s becoming increasingly difficult to qualify for SSDI. Even if you qualify without the lengthy wait for a hearing, the waiting period for benefits once Social Security approves you is five months. Most Americans don’t have the resources to pay their bills for that long.
While you may have group-sponsored disability insurance through your employer, many thousands have recently lost their disability coverage through layoffs or plant closures. Losing your job can mean losing your disability, life, and health insurance coverage. Without your annual income, your home, bills, even your children’s education may be at risk. A disability policy can help partially fill the income gap should an illness or injury lead to your inability to work.
As a small business owner, you may not carry workers’ compensation coverage. A disability policy can help you continue to meet payroll and other continuing expenses, even if your business closes temporarily.
The Types of Disability Coverage
There are two types of disability insurance: short-term disability (SDT) and long-term disability (LTD) coverage. STD insurance covers you when you’re temporarily unable to work due to an accident, injury, or illness. LTD covers you for longer, more prolonged injuries or illnesses. You can purchase SDT, LTD, or both.
In today’s world, disability insurance coverage can help protect your future income and prevent bankruptcy. Contact us for more information about disability coverage.