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INCOME REPLACEMENT Short Term Disability and Long Term Disability. Short Term Disability Insurance A plan of insurance to provide you with an income in the event you became disabled and could no longer work to earn an income. Short Term Disability (STD) insurance can provide coverage for 3 to 24 months, depending on the length of coverage you choose and the insurance company issuing the coverage. Short Term Disability usually covers pregnancy like any other illness. Short Term Disability pays benefits of up to 66⅔ percent of your monthly income, but usually not exceeding $5,000. Most Short Term Disability insurance covers you for 12 months or less, but some companies will offer coverage for up to 24 months. In the first 12 months, disability is usually defined as; (a) unable to perform substantially all of the duties pertaining to your regular occupation, (b) not working at your place of employment for pay or benefits, and (c) under the care of a physician. When Short Term Disability exceeds 12 months, the second year disability is often defined to be; (a) unable to work at any job you are qualify for by reason of education, training or experience, whether or not you receive pay or benefits for working, and (b) under the care of a physician. Short Term Disability insurance plans can have a waiting period (elimination period) that must be satisfied before you receive the benefits of the plan. This can range from 7 days to 30 days. The elimination period can be compared to the deductible in your major medical insurance plan or in your car insurance plan. Your best sources for Short Term Disability insurance:
Long Term Disability Insurance A plan of insurance to provide you with an income over a long period of time in the event you became disabled and could no longer work to earn an income. Long Term Disability (LTD) insurance usually provides coverage for 2 years, 5 years, 10 years, or to age 65, depending on the length of coverage you choose and the insurance company issuing the coverage. In some cases, Long Term Disability will even provide coverage to age 70. Long Term Disability pays benefits of up to 66⅔ percent of your monthly income, but usually not exceeding $6,000. Long Term Disability also covers pregnancy and complication from pregnancy like any other illness. Note: Specialty Long Term Disability such as disability insurance for Buy-Sell Agreements, other Business Disability insurance, and LTD insurance for highly paid individuals will pay a much higher monthly benefit. For these types of disability insurance, please call (954)430-8475 and arrange to meet with a Financial Planner. Like Short Term Disability, in the first 12 months, disability is usually defined as; (a) unable to perform substantially all of the duties pertaining to your regular occupation, (b) not working at your place of employment for pay or benefits, and (c) under the care of a physician. When the disability exceeds 12 months, the second and subsequent years disability is often defined to be; (a) unable to work at any job you are qualify for by reason of education, training or experience, whether or not you receive pay or benefits for working, and (b) under the care of a physician. However, unlike Short Term Disability, Long Term Disability will pay Partial Disability benefits to you if you are able to work, but your earnings are substantially lower than prior to the your disability. Long Term Disability insurance plans have a waiting period (elimination period) that must be satisfied before the insured receives the benefits of the plan. This can range from 30 days to 12 months. The elimination period can be compared to the deductible in your major medical insurance plan or in your car insurance plan. Some Long Term Disability plans integrates their benefits with any benefit you or your spouse and/or your children living at home are eligible for or receives from other income sources. This means that the insurance company will ensure that the total amount of benefits that you receive from all sources does not exceed 66⅔ percent of your monthly income. Your best sources for Long Term Disability insurance:
Disclaimer: Benefits
vary by state and insurance company. Some companies cover all, some
cover less and some cover more than the benefits listed above. See
the companies listed above on the left of the screen for specific
coverage.
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TO GET A QUOTE...click on the QUOTE button at the top left of the screen
Of the 19.4 million disabling injuries reported in 1998, 3.8 million of them were work related*
TO SEE THE PLAN DESCRIPTION FOR A SPECIFIC COMPANY CLICK THE CORRECT BOX ON THE LEFT
In one year alone, 6.8 million disabling injuries occurred in the home and nearly $78 billion was spent on medical/hospital expenses due to accidental injuries*
*National
Safety Council's 1999 Injury Facts.
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CLICK A NAME BELOW TO SEE THE INSURANCE COMPANY'S PLAN DETAILS
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. THE QUALITY OF THE CONTRACT SHOULD BE MOST IMPORTANT TO YOU WHEN BUYING A DISABILITY INSURANCE POLICY
Own Occupation If you cannot perform the duties of your regular occupation you will be considered totally disabled...
Future Increase Option allows you to buy as much Disability Insurance as you qualify for without any medical underwriting
Return Of Premium
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