Disability Insurance and Forgotten Employer-Provided Coverages
When many of us think of insurance, our minds jump to the most often used insurances - health, dental, and vision. These insurance categories can be used annually for routine check-ups and prescriptions. However, there are often forgotten sectors of employer-provided insurance coverage, including disability insurance (both short and long-term) and life insurance.
Disability insurance can be segmented into two categories: Short term and long term insurance. Often, disability insurance can be paid for by the employer entirely, or can be shared with the employee. Short term disability insurance provides a portion of your income to your family when you are injured or ill and unable to work. Short term disability insurance will usually provide coverage anywhere from 6 months to 24 months depending upon the plan chosen.
Long term disability insurance, or just long term insurance, also provides a portion of your wages to you and your family while you are unable to work. However, like the name suggests, long term disability insurance lasts for a longer extended period (usually to age 65 or 67) and begins following a short elimination period or when a selected short term disability insurance plan runs out.
Disability income is one of the most important coverages for you and your family. You will receive money to help pay the mortgage, pay the bills, put food on the table, and allow you the time to get well without the burden of going back to work too soon. Statistics even show that people with disability income insurance recover from illness and accidents faster, because we give them the time that they need to properly recover.
Another often forgotten employer-provided (offered) insurance benefit is life insurance. Many employees will overlook life insurance coverage because the future seems quite far off. However, life insurance is an important benefit to receive to aid families in case of unexpected death. As you know, life insurance provides beneficiaries a designated sum of money upon the death of the insured person or a benefit that can be paid out over time.
When it comes to short and long term disability insurance and life insurance, employees often forget about considering the coverage they may have currently. While these insurance types are not used as frequently as health, dental, and vision, they are of utmost importance in an employee’s comprehensive benefit package! Having sufficient coverage in case of illness, injury, or death, is important to keep your family going.
If you are interested in supplementing your employer insurance, or simply want to consider these insurance options, contact Scott Yarbrough today!