Have you ever suffered an injury or illness that caused you to miss work? Not just for a sick day, but for a month or two—or even longer? If you have, how did you make up for the lost income after you ran out of sick leave (if you even had it)? If you haven’t, have you thought about what you will do when it does happen? Are you thinking it isn’t going to happen to you?
According to disabilitycanhappen.org, more than 25% of today’s 20-year-olds will become disabled before reaching retirement age. For the average, healthy 35-year-old, there is a better than 20% chance that he or she will become disabled for at least three months during their career and nearly a 40% chance that the disability will last for five years or more. So, what will you do when that happens? How will you pay your bills and keep food on the table?
That’s where disability insurance comes in. Disability insurance can help when you can’t work. Disability insurance will help to replace your income if you are disabled and unable to work—for any reason. While we often think of disability as being related to a work injury, the reality is that 75% of disabling injuries occur off the job.
There are two types of disability insurance–and you should consider protecting yourself with both of them.
Short-term disability insurance is for illnesses or injuries that require you to lose only a short amount of time from work. Coverage begins within one to 15 days of your disabling event and generally lasts up to 26 weeks. If you’re disabled longer than 26 weeks, then you’re going to want to have long-term disability insurance. It generally begins at about six months, and then, depending on your policy, may continue for two to ten years, though some policies will pay all the way through standard retirement age.
Why Is Disability Insurance So Important?
The risk of disability is greater than most employees realize. When you become disabled and lose time at work, your source of income is eliminated. Nearly one-third of employees will miss more than one month of pay due to injury or illness. In addition to lost income, you are most likely experiencing an increase in medical expenses due to your disabling injury or illness.
How Do I Get Disability Insurance?
Many employers offer the option of a disability insurance plan as part of the employee benefits package. Depending on your job, though, these plans may be more limited or may not offer you as much coverage as you want
What Is Supplemental Disability Insurance?
Traditional medical insurance doesn’t cover every expense related to an injury or illness. Bills and expenses can continue to add up, especially if you have to stop working for a period of time and lose your income.
Supplemental insurance is additional coverage that can help you pay deductibles or copayments and other increasing medical costs not covered by your employer-sponsored insurance plan.
If you decide that the coverage offered through your employer-sponsored group plan does not adequately fill your personal needs, Roper Insurance can help you review your current plans and assist you in determining what additional coverages you may need to fill in any gaps.
Don’t wait until injury or illness strikes and you find out your disability insurance isn’t enough. Now is the time to plan and protect your future.
For your free insurance review and to determine what type of disability insurance can help protect you and your family best, email Roper Insurance at [email protected] or call us today at 303-721-1145.