People insure their homes, their cars, their life, so you should also insure your most important asset which is your ability to earn an income. Disability insurance has different benefit levels, as well as different options on how quickly it starts paying and for how long it pays out.
Why should someone get a short-term disability policy? According to the Council for Disability Awareness, 1 in 4 workers will experience a period of disability before they retire. On top of that, 46% of Americans wouldn’t be able to cover a $400 emergency expense without resorting to credit card debt or a family loan. If you were unable to work due to a short medical emergency, how would you pay your bills?
It’s a common misconception that disabilities only occur because of workplace accidents; in fact, most disabilities are caused by off the job accidents and illnesses.
Short-term disability insurance provides a Benefit Period of disability lasting either three or six months, depending on individual’s needs. The life of the benefit term will be determined by the premium you pay. The longer the benefit term, the higher the premium will be.
The policy pays up to 60% of your total gross income in disability payments.