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Disability Insurance

In simple terms, Disability Insurance is protection against your inability to earn a living wage as a result of an accident or poor health. If you are in a serious accident or acquire a disabling disease, how will you be able to support yourself or your dependants? If your income is the sole source of paying your bills, Disability Insurance is vital. Then comes the question? Then comes the question: "Do I need short-term or long-term Disability Insurance?”

Short Term Disability

Short Term Disability (STD) is a priceless resource available to you in the event that you become sick or are injured and unable to perform your normal work duties. Short Term Disability pays a percentage of your normal salary if you become temporarily disabled. A typical STD policy pays between 50% and 66% of your normal salary for 13 to 26 weeks. You will generally begin receiving STD benefits within one to fourteen days, with benefits beginning immediately if you are injured.

Long Term Disability

Long Term Disability (LTD) takes over where Short Term Disability ends (usually after three to six months). Like Short Term Disability, LTD will pay you a percentage of your normal salary, between 50% and 66%, until you are either rehabilitated or reach age 65.

If you pay your own premiums with after-tax dollars, your disability benefits will be tax-free. If your employer pays for your policy, your disability will be taxable.

Long Term Care

Many Americans are now faced with an increasingly growing challenge…our parents are growing older, and as they age, are becoming dependant on either their equally aging spouse or their grown children for long term care. Unfortunately, Medicare, supplemental insurance and standard health insurance won’t cover most long term care expenses.

Long Term Care Insurance can help cover the costs of nursing homes, assisted living, in-home care, custodial care, Alzheimer’s facilities, and hospice care. Long Term Care Insurance can also help defray the cost of home and community services such as physical and speech therapy, occupational therapy, home nurse visits, adult day care and hospice care.

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