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Disability
Insurance
If you become disabled, how would you pay the bills?
- Savings? How long would your savings last?
- Sell Assets? How much will you get for used items
if you need to sell today?
- Social Security? Benefits are difficult to obtain
and it requires a lot of paperwork.
- Loans? It's difficult to get a loan without an
income.
- Donations? Will your family and friends help?
- Spouse income? Will one income cover all your
bills and additional medical expenses?
Disability insurance is designed to replace a percentage
of your income while you are out of work due to a covered illness
or injury. If you are injured on the job, your employers° workers
compensation policy will pay you for a percentage of your lost
wages.
Organizations may purchase Short Term Disability
(STD) or Long Term Disability (LTD). A STD policy will pay benefits
for 13 or 26 weeks and usually has a short waiting period. A LTD
policy has a longer waiting period (90or 180 days) but will pay
benefits until age 65, if necessary. The waiting period is a deductible.
It's the period of time the employee must be totally disabled before
benefits are paid.
For more information about which type of plan your
group may be eligible for, please click here. |