Disability Coverage, Are you Covered?

By: Mary Thompson, Capstone Brokerage President, January 24, 2018

Are you prepared if you have unexpected health issues, car accident or disability? We always recommend considering disability insurance coverage on an individual or company basis because the unexpected can really set a family back. In fact, a few of our own employees have had to utilize both short and long-term disability benefits.

Option one: Individual Disability Insurance:

It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, disability insurance can help provide financial security until you get back on your feet and return to work.

Short term disability insurance can replace a portion of your income during the initial weeks of a disabling illness or accident. Long term disability can replace a portion of your income after those initial weeks, for an extended period. Individual Disability Income Insurance can provide protection for people who do not have disability insurance available through their workplace or may be used to supplement group coverage.

Option 2: Group Disability Insurance:

Short and Long-Term options can be part of the employer’s benefits package, many businesses that choose to offer their employees Short and Long-Term Disability (LTD) tend to have a better benefit package overall.

For more information about Long Term Disability options to offer as a company look into Why Having Long Term Disability Insurance in A Benefit Package is So Important.

For more information about Short Term Disability options to offer as a company explore Why Short Term Disability Insurance is for EVERYONE

Why you may want to consider additional Disability Coverage even if your employer has coverage options available. Your employer– or association-sponsored group plan may not be all you think it is. It might, for example, insure you only if you are totally disabled, even though a partial disability could mean you were reduced to earning part-time income.

Plus, one overwhelming advantage of personal disability insurance is that it cannot be reduced or terminated if you leave your current employer. You pay the premiums, you own the policy, and the benefits are paid directly to you.

Disability – is a possibility you need to consider, you probably take plenty of precautions in your daily life… you wear your seat-belt, you childproof your home, you have a working smoke detector.

Still, no matter how prepared you are, accidents do happen, and disability can be the outcome. A sports injury, a car accident, an illness, a problem pregnancy, a heart attack, or a serious back injury — any of these situations can result in your not being able to perform your usual job duties. That, in turn, means a loss of income, even if you have a relatively sedentary job. For more information about obtaining personal or business disability insurance we recommend discussing both options with a knowledgeable insurance professional.