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Disability insurance

Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65. It may be difficult to imagine becoming disabled and unable to work due to accident or illnessbut it's easy to picture the consequences.

 Nobody plans on not being able to earn a living. How quickly would your resources become depleted without a steady income?  Imagine being unable to meet monthly expenses, pay your rent or mortgage, and afford the basic necessities? As the disability lingers on, financial needs only become greater and less manageable. What would you do?

Most employers provide short-term sick leave and some may even provide benefits covering up to 60 percent of your salary should you become disabled. These benefits usually last from five years or to age 65. Social Security Disability benefits can be paid to workers whose disability is expected to last at least 12 months and is so severe that no gainful employment can be performed. Social Security benefits are not automatic, have stringent guidelines and may require legal assistance to obtain.  

Other limited replacement income is available for workers under some circumstances from workers compensation (if the injury or illness is job-related), auto insurance (if disability results from an auto accident) and the Department of Veterans Affairs if eligible.

If you are self employed, some of these options may not even be available to you. Disability Insurance policy designed to complement your health insurance plan and replace a portion of lost income should you be unable to work due to accident or illness. When you pay the premiums yourself, disability benefits are not taxed. (Benefits from employer-paid policies are subject to income tax.) 

There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years, Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

There are several ways to save money when purchasing a Disability policy, including options for longer waiting periods before benefits begin and a shorter benefit period. But keep in mind, you might save money on premiums, but you could be without coverage when you need it most. Disability of long duration poses the greatest financial hardship.

If you are considering a Disability Insurance policy it is integral to understand all of the aspects of Disability policies, the difference between protection features and the many options which should be measured when purchasing a policy. For instance, there are two very different definitions of disability used in Disability insurance policies; the Time & Duties method and Recovery & Residual benefit. It is important to understand the explanation between them and have a clear understanding of the specifics of any Disability policy.

Cape Coral Insurance Center can assist you in making sure you purchase the Disability Insurance policy that is the right solution for you.

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Bryce Grimsley
Licensed Insurance Agent
Serving your insurance needs in all of South West Florida
Including Cape Coral, Fort Myers, Port Charlotte, Bonita Springs and Naples.
Licensed to sell insurance in Florida Ohio and Indiana
Serving your insurance needs for all of Florida Ohio and Indiana via the internet

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