Short Term Disability Insurance pays cash to persons who are temporarily unable to perform their jobs. Benefits can start as soon as day one, or you can choose a longer elimination period (up to several months) to lower your premium. You can choose a benefit period of months to years, with two years being the longest most Short Term Disability Insurance can last.
People who have enough savings to tide them over if they are unable to work for several months, do not need Short Term Disability Insurance. However, if you are offered it at a low price, it could certainly be worth having. Those who need it at nearly any cost are those who could not survive even a month without their paycheck.
Long Term Disability Insurance is the policy that kicks in after being off of work for several months, and can last many years. This is the type of coverage most people purchase if they are not offered Disability Insurance through their employment.
That is a great question! There are a couple of really good reasons for having a short term disability policy. If you work a job where it is likely to be injured, and workman's comp hard to get, a disability plan is a must. Your bills will need to be paid, and most often draining your savings or taking out a loan are bad options. The policy will help pay for those things. The other reason is if you are like most Americans, and don't have the savings or assets to cover if you were injured. 60% of all bankruptcies are a result of medical emergencies, and more than half of Americans have less than $3000 in their savings. Every one of them is a potential bankruptcy waiting to happen. Please don't be one of them. Thanks for asking!
Any woman who is planning a pregnancy should purchase short term disability insurance prior to conception. Most policies offered by payroll deduction at the work site cover mom's recovery from normal childbirth. A vaginal delivery qualifies for s six week benefit payment, and c-section delivery qualifies for eight weeks - after meeting the policy elimination period.
Half of all women need to leave work prior to delivery because of complications. Plus accidents and illnesses may be covered as well.
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People who have enough savings to tide them over if they are unable to work for several months, do not need Short Term Disability Insurance. However, if you are offered it at a low price, it could certainly be worth having. Those who need it at nearly any cost are those who could not survive even a month without their paycheck.
Long Term Disability Insurance is the policy that kicks in after being off of work for several months, and can last many years. This is the type of coverage most people purchase if they are not offered Disability Insurance through their employment.
Half of all women need to leave work prior to delivery because of complications. Plus accidents and illnesses may be covered as well.