There are very few companies that offer Short Term Disability Insurance. So your first line of inquiry could be with your employer, to see if they offer a group policy. If they do not, contact a broker for Disability Insurance, or life insurance agency that specializes in Disability Insurance.
Right Peggy... there are few carriers that actually write short term disability outside of "the workplace".
So to address those carriers that DO offer STDI... Here are some thoughts I have about Short Term Disability Insurance (STDI)...
WHY short term vs. long term?? Most anyone can survive a few months without a check (even those living check to check) yet the devastation of YEARS.... or the rest of your life... bed ridden, in a wheel chair, unable to work... That is the reality that you need to worry about.
When people come to me looking for STDI, I also address other financial questions: DO you have a strict, written budget? Do you have between $1000 to 3 months of living expenses saved? I WON'T quote the STDI if I the client isn't willing t go through a little "financial planning session"... "Rich people" never worry about STDI. Only those that tend to be living check to check or are doing "OK to well" tend to worry about STDI. You can't buy a product that will take care of all your short term needs. There is always a waiting period (in order for STDI to be affordable to most, the elimination period needs to be a two week wait). What will you do to cover the weeks of lost pay? ALSO... Only a percentage of your gross income is covered. Depending on the industry you're in it might be that only 50% of your gross income is covered. IT'S WORSE for those that earn most of their income from TIPS... PART of buying a product to "protect your income" is to make a plan with your income. We'll go through a debt elimination process, budgeting, and setting up an emergency fund. Even if just a few dollars each pay period, SOMETHING has to be set aside to cover the elimination period.
Then there is the question of IF you can qualify for STDI. Your occupation, how long you've been on the job, income level, and HEALTH all play into what you will qualify for....
STDI is a GREAT protection plan. Note the word... PLAN... Most Americans spend more time planning a trip to a Disney park than they ever do over the year "planning their finances". So... if you need STDI, make sure your advisor/agent helps you PLAN. Reach out if you have any questions. - gravy.
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So to address those carriers that DO offer STDI... Here are some thoughts I have about Short Term Disability Insurance (STDI)...
WHY short term vs. long term?? Most anyone can survive a few months without a check (even those living check to check) yet the devastation of YEARS.... or the rest of your life... bed ridden, in a wheel chair, unable to work... That is the reality that you need to worry about.
When people come to me looking for STDI, I also address other financial questions: DO you have a strict, written budget? Do you have between $1000 to 3 months of living expenses saved? I WON'T quote the STDI if I the client isn't willing t go through a little "financial planning session"... "Rich people" never worry about STDI. Only those that tend to be living check to check or are doing "OK to well" tend to worry about STDI. You can't buy a product that will take care of all your short term needs. There is always a waiting period (in order for STDI to be affordable to most, the elimination period needs to be a two week wait). What will you do to cover the weeks of lost pay? ALSO... Only a percentage of your gross income is covered. Depending on the industry you're in it might be that only 50% of your gross income is covered. IT'S WORSE for those that earn most of their income from TIPS... PART of buying a product to "protect your income" is to make a plan with your income. We'll go through a debt elimination process, budgeting, and setting up an emergency fund. Even if just a few dollars each pay period, SOMETHING has to be set aside to cover the elimination period.
Then there is the question of IF you can qualify for STDI. Your occupation, how long you've been on the job, income level, and HEALTH all play into what you will qualify for....
STDI is a GREAT protection plan. Note the word... PLAN... Most Americans spend more time planning a trip to a Disney park than they ever do over the year "planning their finances". So... if you need STDI, make sure your advisor/agent helps you PLAN. Reach out if you have any questions. - gravy.