Short Term Disability

Even if you have health or accident insurance, you may still have gaps in your coverage. Unlike regular health or accident insurance plans, short term disability insurance pays you a monthly benefit while you are disabled. It may also coordinate with benefits from Social Security or Worker's Compensation.

Have you ever considered what may happen if you couldn't work because of an illness, injury, or pregnancy? Without a regular paycheck, you and your family could find it impossible to pay your rent, make mortgage or car payments, or even cover your utility and food bills.

Maybe you think that this can't happen to you. But studies have shown that almost 1 in 3 Americans become disabled at some point during their working years. That's why it may be a good idea to have disability insurance. If you are unable to work, disability insurance can help replace income, help you pay bills and protect your long-term savings.

Disabilities and Short Term Disability Insurance

A disability can mean any illness, surgery or injury that prevents you from working at your regular job or occupation for an extended period of time. These injuries, surgeries and illnesses can occur on or off the job.

Short Term Disability insurance is a supplemental insurance policy that starts paying monthly benefits after an elimination period(the time between your injury or illness and the start of benefits). The amount of monthly benefits you receive depends on several factors including whether you are totally or partially disabled and the level of benefits you chose when you purchased your policy. Your benefits usually continue as long as you are under a physician's care and are unable to return to work (for the benefit period you chose when you purchased your policy).

Do I need Short Term Disability?

You may not need short term disability insurance if you have the financial resources to cover your bills over a 6 month period of unemployment. On the other hand, you should consider purchasing this coverage if:

• You don't have emergency savings to see you through several weeks or months without a paycheck.
• Your savings is earmarked for long-term financial goals.
• You have large debts - such as a mortgage, auto loans or credit card balances that require you to make regular payments.
• You are your family's sole wage earner.
• Your health or other insurance policies have high deductibles or require out-of-pocket payments.