So…you have health insurance for when you get sick or hurt and supplemental insurance to fill in those gaps, then what the heck is disability insurance? And why would you need it?
I bet you’re glad that your medical bills are being paid for by your health and supplemental insurance, but what happens to your income when you’re out of work? Money keeps going out, but what’s coming in?
Many companies offer disability insurance to their employees in the form of short-term disability (STD) or long-term disability (LTD), but many times, these policies have many gaps – either they have a long waiting period, maximum coverage amounts, or both.
Having an outside disability policy can help keep you on your feet (financially) while you get better, before you can return to work. Disability policies are usually designed to supplement 60% of your income while you’re unable to work full-time (or at all). The goal of these policies is not to pay 100% forever, but to keep you afloat when times are tough, so you are encouraged to get healthy and return to work.
There are almost as many ways to build a quality disability policy as there are ways to build a quality life insurance policy, so it’s best to meet with us and let us help you design a plan that works best for you!