in Disability Insurance

Disability Insurance 101

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Disability insurance replaces a portion of your income if you are unable to work due to an accident or prolonged illness. It’s usually broken into short-term insurance (typically one month or less) and long-term (anywhere from a month to a lifetime). Short-term disability insurance usually covers 60-70% of your salary at the time of the disability; long-term disability insurance typically covers 50-60%.

What sort of disability coverage do you need, and what types are available? First, ask yourself:

  • What are your monthly expenses, and how long could your family live off of savings or other assets if you’re disabled and unable to work?
  • Are you the only source of income in your family?
  • What coverage, if any, do you get from your employer?
  • Does your job (or your lifestyle) contain enough risk to make a disabling injury a reasonable possibility?
  • What Social Security Disability benefits would you qualify …

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Short-term Disability Insurance Coverage 101 888011000 110888 MoneyTipsIf you find yourself handicapped for a brief time, your employer may use short-term impairment insurance coverage as part of your advantages package to help you retain some earnings while you recover. There will be a limit employment requirement (a certain time of service and work status) to be qualified. Normally, the series of advantages is between 50-75% of income for between 10-26 weeks, depending upon the program. Unfortunately, if your company does not offer this benefit, your governmental impairment benefit alternatives are pretty restricted. Social Security disability payments from the federal government are not offered if you are handicapped for less than one year. A lot of state programs do not use an option, either– nevertheless, there are 5 states where short-term disability insurance is mandated. California— The California program covers the longest time period– approximately a full year of advantages, and possibly longer if you have the ability to r.