Disability Insurance—What You Need To Know

Disability Insurance—What You Need To Know

What would happen if you got hurt and couldn’t go to work—for a week, for a month, or even longer? How would your bills get paid? How would you pay for food and medical care? How many missed paychecks stand between you and financial disaster?

Disability insurance can help you continue to pay your bills, keep a roof over your head and keep food on your table when you can’t work because of illness or injury.

Traditional health insurance doesn’t pay for every expense related to an injury or illness. It only pays for medical care. Disability insurance is coverage that provides you with income protection, so you can continue to receive a portion of your lost income if you are unable to work.

There are two types of disability insurance.

Short-Term Disability Insurance

Short-term disability coverage generally begins within 1 and 15 days of your disability. Short-term disability allows you to continue to receive pay at either a fixed weekly dollar amount or a set percentage of your income.  Short-term disability coverage generally lasts between 10 and 26 weeks depending on the terms of your policy.

Long-Term Disability Insurance

Long-term Disability coverage may begin within 3-6 months of a covered disability. If you also have short-term disability coverage, long-term disability usually begins when that coverage ends. Long-term disability policies generally last until you are able to return to work or until you reach a certain age, though the specifics may vary by policy.

Why Do I Need Disability Insurance?

Now you’re probably wondering whether you really need disability insurance. The risk of disability is greater than most employees realize. Nearly one-third of employees will miss more than one month of work due to injury or illness. In addition to lost income, if you are ill or injured, you will most likely experience an increase in medical expenses due to your disabling injury or illness, and this compounds your financial difficulties.

Some employers offer disability insurance as part of their employee benefits package. You need to review this coverage carefully to determine if it will fulfill your personal needs. If not, you can obtain a supplemental disability insurance policy through Roper Insurance.

Whether you receive disability insurance coverage through your employer as part of your employee benefits package, or whether you need full or supplemental coverage on your own, Roper Insurance can help you to understand your insurance and make sure you are adequately protected. Call us now at 303-721-1145 or use the contact form here to make sure you and your family aren’t just one injury or illness away from financial disaster.