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Disability Insurance Buying disability insurance most probably ranks low on your financial to-do list. After all, if you're healthy and you work at a desk job, what are the odds you're going to need it? Well, you might not think of a broken bone, a problem pregnancy or an anxiety condition as disabling, but any of them could keep you out of work temporarily. Statistically, about 30 percent of Americans age 35 to 65 will suffer a disability lasting at least 90 days sometime during their careers. Disability Insurance is designed to replace a portion of your income when you are unable to work because of injury or illness. It is an insurance product designed to replace anywhere from 50-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your job. Every disability insurance policy from every insurance company is very different, this is not a product to simply shop for the most competitive rate. There are two major types of disability insurance coverage:
Short Term Disability Insurance Short Term Disability Insurance (STD) pays a percentage of your salary if you become temporarily disabled and are unable to work (excluding on-the-job injuries, which are covered by workers compensation insurance). A typical Short term disability policy will provide you with a weekly portion of your salary, usually between 1/2 to 2/3 of your salary for 3-6 months. and most policies have a "cap," meaning you receive a maximum benefit amount per month. The Leading causes of Short term disability insurance claims are
Long term Disability Insurance Long Term Disability Insurance picks up where short term disability policy leaves off. Once your STD benefits expire (generally after three to six months), the LTD policy pays you (as with STD policies) a percentage of your salary, usually 1/2 to 2/3 of your current salary. You then receive benefits until you reach age 65. The Leading causes of Long Term Disability Insurance claims include
When you encounter a disability, your life is transformed. Your immediate efforts are channeled into maintaining a reasonable quality of life with the only resources you have available, all while trying to regain your health in order to return to work. Obviously, your family will also feel the strain both emotionally and financially during this crisis. You must consider their perspective in such a situation as they will undoubtedly have questions and concerns. Are they worried about losing a major source of income? Are they thinking that they now must contribute financially to your needs? How will that impact their lives and compromise their goals? So as a substantial income producer for the household, you have to ask yourself:
These are questions that certainly most of us would rather not think about. In assessing these questions, it is clear the answer is long term disability insurance to protect your health, family’s needs, lifestyle and property against risk. Read more about Disability Insurance... Census: 388,000 in Utah without health insurance (Standard-Examiner)SALT LAKE CITY (AP) ? Census figures show that 388,000 people in Utah don?t have health insurance. Those figures include about 100,000 people more than state agencies have estimated and 40,000 more than advocates for the uninsured have forecast in the worst-case scenario.More in El Paso lack health insurance (El Paso Times)EL PASO -- The number of El Pasoans without health insurance coverage rose by 3.3 percent between 2000 and 2005, according to U.S. Census Bureau figures released Thursday. Senators Propose Bill To Require Employers To Disclose Amount Spent On Health Insurance Premiums For Employees (Medical News Today)A bipartisan group of senators on Tuesday proposed a bill to require employers that offer health insurance to disclose to employees the amount spent on their premiums, CQ Today reports. Under the legislation -- sponsored by Senate Finance Committee Chair Max Baucus (D-Mont. Census: 388,000 in Utah without health insurance (2News Salt Lake City)Census figures show that 388,000 people in Utah don't have health insurance. State health insurance costs up (The Nashua Telegraph)CONCORD (AP) -- A new national study says health insurance costs in New Hampshire have climbed nearly five times faster than salaries this decade. ... 20 percent of Coloradans lack health insurance (Rocky Mountain News)Nearly one in five Coloradans has no health insurance, according to a U.S. Census Bureau report released today, and among Hispanics it is more than one in three. Census: One in five Arizonans lacked health insurance in 2005 (Tucson Citizen)PHOENIX ? About one in five Arizonans overall and one in three Hispanic residents lacked health insurance in 2005, according to estimates released Thursday by the U.S. Census Bureau. Only five states had higher overall rates for uninsured residents.
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