If you rely on a paycheck, then you should consider purchasing a disability policy for the remainder of your working life (until age 65, for example). If you become disabled, your coverage will replace your income while you are unable to work. While worst case scenario might seem remote, statistics show that our chances of becoming disabled are greater than dying between the ages of 25 & 45. In fact, more than one in four 20-year-olds will experience a disability for longer than 90 days before the age of 67.
Some shrug off buying a policy because they have coverage provided by an employer, but that type of coverage is generally short-term and may replace only a small portion of a worker’s salary. Those who wish to purchase a wrap-around policy to supplement their employer provided coverage may do so. Additionally, disability insurance is especially critical for self-employed workers who do not accumulate paid sick time or vacation.
Way Financial is happy to help you secure affordable disability coverage, based on your unique needs. Please submit the form to the right and we will contact you soon.
A standard Short Term Disability (STD) policy allows for income payments to begin after a two-week waiting period. Payments will continue to the insured until he/she recovers or maxes out the benefits. Total benefits for a STD could last for anywhere from one month to two years, depending on the policy.
A Long Term Disability (LTD) policy allows for income payments to begin after a ninety-day waiting period, although it could be much longer depending on the policy. Once payments begin, they will continue far longer than STD. The total benefits for a LTD could last for a few years, up to age 65, or even for life