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Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch? If you’re like most, it wouldn’t be long at all: Half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately, according to a Life Happens survey.
That’s where disability insurance comes in. Think of it as insurance for your paycheck. It ensures that if you are unable to work because of illness or injury, you will continue to receive an income and make ends meet until you’re able to return to work.
The average worker has a 30% chance of becoming disabled at some point during their lifetime, and one in 8 workers will be disabled for at least five years during their working years.
Disability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary’s earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work.
For example, the worker may suffer from an injury, illness or condition that causes physical impairment or incapacity to work, or may have inability to maintain composure in the case of psychological disorders. It encompasses paid sick leave, short-term disability benefits (STD), and long-term disability benefits (LTD).
Whether you choose to offer an employer-provided disability plan or simply want to make the option available to your employees on a voluntary basis, we’ll make sure you understand all your options. Then we’ll help you and/or your employees pick the plan that’s right for them. Give the agents at Fringe Benefit Analysts a call today to talk about disability insurance and the types of coverage that may be right for you and/or your employees.