The probability of a disability sometime during your working life is statistically high. Most people can’t afford to pay for full coverage, so short term disability is a triage solution that can take some of the cash flow pressure off your budget during periods of disability. Some employers actually have short term disability in their group benefit plans.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Short term disability insurance pays a percentage of your salary for a specified amount of time if you are ill or injured and cannot perform the duties of your occupation. Please note, you may be required to use up your sick days (if applicable) before your short term disability coverage will start making payments.
If you have short term coverage, you may want to consider supplementing it with long term disability insurance as many people who need to use their short term disability coverage will often be unable to work for longer than the short term plan allows.
I hope the information is helpful - please feel free to contact me for help with your disability insurance program and if you have any other questions. Thanks very much.
Short term disability insurance has an elimination period usually days or weeks depending on the policy. When it is medically determined by a physician that you are unable to perform your normal duties of your occupation and the elimination period is met, you are eligible to start receiving monetary benefits until such time you can return to work or reach the limit of benefits of your disability plan.
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The probability of a disability sometime during your working life is statistically high. Most people can’t afford to pay for full coverage, so short term disability is a triage solution that can take some of the cash flow pressure off your budget during periods of disability. Some employers actually have short term disability in their group benefit plans.
If you have short term coverage, you may want to consider supplementing it with long term disability insurance as many people who need to use their short term disability coverage will often be unable to work for longer than the short term plan allows.
I hope the information is helpful - please feel free to contact me for help with your disability insurance program and if you have any other questions. Thanks very much.