Disability Insurance

Disability Insurance

Disability insurance provides income protection if you cannot work due to injury or illness. Consider that your biggest asset is your ability to work and earn a living, and this asset could be devastated by a disability.

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What You Need to Know

There are two different types of disability insurance - short term and long term. Read below to learn about the differences between them and the advantages they bring to your coverage plan.

Short-term Disability Insurance (STD)

STD is a type of disability insurance coverage that can help you remain financially stable should you become injured or ill and cannot work. Usually, STD coverage begins within one to 15 days of the event causing your disability. The coverage allows you to continue to receive pay at a fixed weekly amount or a set percentage of your income.

STD typically lasts for about 10 to 26 weeks, although this varies by policy. When this STD coverage ends, long-term disability (LTD) coverage typically takes effect.

Long-term Disability Insurance (LTD)

LTD is a type of disability insurance coverage that pays employees a set percentage of their regular income after a specified waiting period. For example, if a worker is covered under short-term disability (STD) insurance as well, the LTD insurance would kick in once the STD policy is exhausted, typically after three to six months.

LTD insurance protects workers in the event they become disabled for a prolonged period prior to retirement. The length of LTD plans varies; some may be limited to a period between two and 10 years, while other plans continue paying out until age 65.

Additionally, here are answers to some common questions users have about disability insurance.

What Events Trigger Coverage?

Why is Disability Insurance So Important?

Can you afford to be out of work for an extended period of time, on top of the medical bills that come with a serious illness or injury?

Traditional medical insurance doesn’t cover every expense related to an injury or illness. Bills and expenses can continue to add up, especially if you have to stop working for a period of time and lose your income.

The risk of disability is greater than most employees realize. When you become disabled and lose time at work, your source of income is eliminated. Nearly one-third of employees will miss more than one month of pay due to injury or illness. In addition to lost income, you are most likely experiencing an increase in medical expenses due to your disabling injury or illness.

What is Supplemental Disability Insurance?

Staggering Numbers

See these statistics that show the vast amount of Americans struggling with disability. With numbers like these, it is important to consider STD and LTD coverage as an addition to your core benefits plan.

Americans are classified as disabled

of injuries are not covered by worker's compensation

years is the average amount of time for an LTD absence

of Americans entering the workforce today will become disabled before retiring

Videos: STD and LTD Coverage

As you can see above, disability affects millions of people across the country. Watch these videos to learn more about the importance of both short- and long-term disability insurance.

STD Video

LTD Video

Disability Insurance

Disability Insurance

What You Need to Know

Staggering Numbers

Videos: STD and LTD Coverage

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