|
Disability insurance offers partial or full replacement
of your income should you become disabled
to the point you are unable to perform
your normal professional duties. We
offer both short and long term plans.
Disability can be offered as part of
a life insurance policy, a critical
illness policy or the stand-alone policy.
The statistics regarding the likelihood of
disabilities are staggering. One out
of three of us can expect to have a
disability lasting at least 90 days
at some time during our career.
Financially, a disability can be
worse than death, since living
expenses continue — and may increase
due to a need for specialized care.
Even with
benefits such as Worker's
Compensation and Social Security,
disability income insurance benefits
are still important. Because Social
Security caps the benefit amount
available for people earning over a
certain salary, they may not have
enough money to maintain their
standard of living. Many people buy
disability income insurance to help
ensure a continuous income should
they suffer disabilities that are
not covered by Social Security.
Short-Term
Disability Insurance (STD)
This is often
referred to as Accident and Sickness
insurance. It provides benefits for
a limited period of time, typically
26 weeks or less. Short-term
disability usually provides coverage
for accidents or illnesses outside
of work when Worker's Compensation
insurance does not apply.
Long-Term Disability Insurance (LTD)
This income
insurance provides benefits for an
extended period of time, usually
preceded by a 6-month to 1-year
waiting period. Monthly benefit
payments may continue to age 65 or
through normal working years.
Voluntary Long Term Disability for Members
of Associations and Affinity Groups
This coverage
can be offered by sponsoring
organizations (associations and
affinity groups) for purchase by its
members. This insurance can replace
up to 60% of eligible earnings in
the event the member becomes
disabled. The sponsoring
organization chooses the period of
time before coverage begins (usually
after a minimum of 60 days) and the
period of time during which the
Insured can receive benefits — from
2-year plans to plans that can
potentially provide benefits until
the Insured reaches age 65.
Integrated
Disability (ID)
This is a
combination plan, which pays certain
benefits (weekly) for the initial
short-term period of the contract,
and then switches to a different
benefit payment (monthly) for
disabilities which continue into a
long-term period of the contract.
The concept of integration helps
your employer better manage the
costs associated with the various
types of disability (short- and
long-term). It can also make it
easier for you because you get
access to professional assistance
programs sooner, helping you to
resume a more productive lifestyle
faster and more easily. And, should
your disability go longer term, the
seamless transfer usually means you
suffer no interruption of benefits.
|
