It would be nice if life were predictable. Sadly, it’s not. You can plan and dream, but everyday situations carry the potential for life-altering consequences. A single accident could leave you and your family without income. Even for a short period, this could mean significant financial challenges for most Americans.
Short term disability insurance can provide a layer of protection – it offers peace of mind in the face of life’s unpredictability. Simply put, short term disability insurance, or STD, replaces a portion of your income while you recover from an accident or injury that has left you temporarily unable to work.
Since 2002, short-term-disability-insurance.com has helped thousands of people protect their standard of living against the repercussions of everyday threats most of us never even consider. We help you compare prices and benefits from the best short term disability insurance companies you know and trust.
By most accounts, Jenna had a comfortable life. Things had settled down after her divorce, and she was focusing on putting her daughter through school, while pursuing a higher position with her employer. She had a little money in the bank, a nice house, and a relatively new car. Things were going pretty well, she thought.
It took less than 60 seconds for that to change.
Jenna, in a rush to get to work after oversleeping one morning, rushed out the front door of her house. She took the stairs quickly, intent on reaching the driveway and her car. In her hurry, Jenna didn’t pay attention to the fact that the brick stairs were slick from a rainstorm that morning.
One misplaced foot sent her tumbling down the stairs.
Thankfully, Jenna’s injuries weren’t life-altering, although they were painful. After x-rays at the hospital, it turned out she had a badly bruised tailbone, and a hairline fracture in one leg. Both injuries would heal relatively quickly, but until they did, she was ordered by her doctor to rest and was unable to work.
While she would only be out of work for a few weeks, that absence represented a good amount of time during which she wouldn’t be paid. Her health insurance covered the medical treatment, but what about her loss of income?
A short term disability insurance policy would have given Jenna the financial protection she needed to recover from her accident without a total loss of income. Millions of Americans across the country lack short term disability insurance coverage.
Those statistics are probably rather startling. No one plans on suffering an accident or illness, but each year, millions of Americans find themselves unable to work for several weeks, or even months. What would you do if your income were disrupted for two, three or four months? For most Americans, the prospect is bleak.
Do you have the financial resources to weather such a storm? Most of us do not. Short term disability insurance steps in to bridge the gap, providing a portion of your usual income during the period in which you are disabled.
Disability can be broken down into two categories: long term disability and short term disability. Long term disability risks are relatively easy to understand. For instance, the elderly are at a higher risk for this type of disability. Those who smoke or consume alcohol frequently are as well. Obesity, poor heart health, poorly managed diets and even dangerous occupations can put you at greater risk for sustaining a serious injury or illness that leaves you unable to work for long periods.
What about short term disability, though? This situation is more difficult to understand, simply because of the fact that while the terminology is similar to long term disability, short term disability is drastically different. Who is at risk for this type of problem?
Simply put, anyone and everyone.
Let’s consider a few potential scenarios in which you might find yourself disabled for a short period of time and unable to work. Short term disability insurance could help in any of the following situations:
These are just a handful of the potential reasons you might need short term disability insurance. In reality, there are almost as many potential reasons as there are people in need of financial protection. By ensuring that you have the best short term disability insurance, you guarantee financial coverage while you recover from any form of accident or injury that might leave you temporarily unable to work.
Too many Americans downplay the seriousness of lacking short term disability insurance. There is a significant temptation to think, “It won’t happen to me”. However, if there is one thing that has been proven true, it’s that accidents and illnesses can strike anyone, regardless of health, physical condition, age, occupation or other factors.
Many people assume that they will be covered by workers’ compensation in the event of such an accident or illness, but this is not true. Workers’ compensation only applies to qualifying accidents sustained on the job. What happens if you are injured during your personal life?
There is also a misconception that the federal or state government will provide financial protection for short term disability. Sadly, there is no federal short term disability insurance program available. And, most state governments do not offer any sort of short term disability insurance or protection. You should also understand that short term disabilities do not generally qualify for Social Security Disability Insurance (SSDI), either.
Before obtaining short term disability insurance quotes from providers, it is important to understand the benefits offered by this type of insurance. It’s drastically different from most other forms of insurance, so it is important to ensure that you know what to expect from the insurers you contact in terms of coverage areas, duration, wait times, and more. Below, we’ll discuss some of the most important advantages of carrying personal short term disability insurance.
Regular Income: Short term disability insurance will cover a preset amount of your regular income during your temporary disability. Most insurance companies will not pay the full amount of your income for the period, though. However, many will pay a significant portion of it, helping to lighten the financial burden on you and your family.
Preventing Financial Disaster: What would happen if you were unable to work? For most Americans, that thought is dire, indeed. In fact, most of us don’t have enough savings to cover even a few months out of work. Short term disability insurance can help ensure that you are able to meet your financial obligations (mortgage payment, auto loan payments, groceries, utilities, etc.) while you are unable to work.
So, why you needs short term disability insurance?
You’ve probably guessed the answer, but here it is – everyone. Even singles with no spouse or dependents can benefit from this protection, as can families and even seniors. In short, anyone with financial obligations and who might find themselves in a dire situation if their income were disrupted for even a short time needs the protection that only short term disability insurance can offer.
When does short term disability insurance kick in?
All insurance companies have a waiting period. It can vary from 14 days to 90 days or more. This is one reason it is important to compare short term disability insurance plans and make an informed decision that fits your needs and your budget.
How long am I covered if I’m temporarily disabled?
Again, this varies with the plan you choose and the insurance provider in question. Some plans offer coverage for a few months, up to a year. Some plans will offer coverage for up to two years.
How much will I see in benefits?
The amount you receive in benefits from short term disability insurance will vary depending on your policy. Most insurers have a monthly maximum payout. In all instances, it will be based on a percentage of your regular earnings.
What will I pay in short term disability insurance rates?
Your premium (the amount you pay per month for short term disability coverage) may change as you grow older, but some insurers provide a level rate until you reach a specific age, often 67 years old.
Why Work with an Agent?
Why should you consider working with an insurance agent to find the right short term disability insurance for your needs? There are many answers. One of those is that a qualified agent will help you compare options from hundreds of insurance providers and thousands of policies available to ensure that you make the right choice. An insurance agent may also be able to offer other benefits, including the ability to secure a lower premium, additional coverage items for a lower price, and more.
At Short-Term-Disability-Insurance.com., we provide expert guidance to ensure that you are able to compare short term disability insurance quotes, insurance coverage, premium amounts and more. Our ultimate goal is to help you make the best choice for your protection, and our agents can also provide assistance with securing specialty plans that include life insurance, long term disability insurance, and short term disability insurance.