The basics of short-term disability insurance
May is Disability Insurance Awareness Month. Let's take a look at an unfortunately situation. You are injured or become disabled abled and can't work for two or three months. Do you have enough tucked into your savings to cover all your living expenses during that time? If not, then it might be time to think about purchasing short-term disability insurance. It is more affordable than you think.
Consider that more than one in four people in their 20s will likely become disabled before retiring, according to the Council for Disability Awareness.
A 2015 study by the Pew Charitable Trusts found that only 55 percent of workers have enough savings to replace a month of loss income. Yet almost 70 percent of Americans don't have disability insurance, a figure that's been fairly steady for the past few years.
With statistics like that, it may be wise to consider buying short-term disability insurance to protect your financial future.
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Whatq is Short-Term Disability InsuranceWhat is Short-Term Disability Insurance?
Short-term disability insurance pays a percentage of your salary if you become temporarily disabled. If you are unable to work for a short period of time due to sickness or injury (excluding on-the-job injuries, which are covered by workers compensation insurance), a typical short-term disability insurance policy provides you with 60 to 70 percent of your pre-disability base salary. These benefits generally last between three and six months. Most short-term disability insurance policies have a "cap," meaning you receive a maximum benefit amount per month.
You can start receiving money from your short-term disability insurance policy after a waiting period, after becoming sick or disabled. There are different waiting (or elimination periods).
Call an experienced Insurance Superstore agent today.
Castle Rock and Metro Denver 303-814-1113 Joey Torregrossa
Colorado Springs and South Colorado 719-375-0685 Mario Nevarez