Disability Insurance
Regardless of the industry you work in or what your employment specifics are, disability insurance is a must for anyone who wants to protect their paycheck. Whether you get injured at work, hurt at home, or come down with some other critical condition that prevents you from working – you don’t want to be left without.
Many employers offer automatic disability insurance with their benefits plan, but not always. Even then, it’s still worth shopping around a little to make sure you’re getting the best you can.
Short-Term Disability
Short-term disability insurance coverage is for when you have an illness or injury that prevents you from working for an extended period of time, but not forever. Short-term disability typically extends up to six months.
Long-Term Disability
Long-term disability income is about 60-70 percent of your regular income and you begin receiving benefits once your short-term disability coverage or other sick leave/EI benefits end. When it comes to a long-term disability insurance policy, plans vary widely. This is why it’s important to familiarize yourself with different companies and policies and purchase insurance you’re comfortable with. Many plans can offer long-term benefits for up to two years if you can’t go back to the job you had before the sickness or injury. After that, you may need to pursue different disability benefits if you’re unable to return to work at all after this period.
What is Disability Insurance?
Once you have disability insurance, it kicks in if you’re unable to work for any reason. It’s important to look into disability insurance now, however, since it’s much harder to get this kind of protection if you become unemployed.
There are two situations in which disability insurance may be applied:
- You are temporarily unable to work
- You become permanently disabled due to an illness or injury
If you qualify for either of these, disability income is usually between 60 and 85 percent of your regular income, depending on your plan. It’s important to note that you can qualify for disability benefits with a variety of injuries and illnesses, not just obvious ones that can be easily recognized. Chronic pain and a mental health issue are both very real and can qualify just the same.
Who Needs Long-Term Disability
At the end of the day, you can’t go wrong with protecting yourself. That said, some jobs are much more dangerous than others. If you work a very high-risk job, disability benefits should be a no-brainer. Other factors like age and dependents may be considered, too.
But if you’re unsure if you need this insurance, that’s what we’re here for! We’ll go over everything with you, get you some quotes, and help you figure out how much income protection to get.
Protect Your Income Today
The world of insurance is always a little confusing, but disability insurance in particular has so many different factors it can be hard to determine what you need. Not to mention the many different plans out there with their varying policies and options. Get in touch today and let us help you achieve total peace of mind every day you’re on the job!
