If you are unable to work due to illness or injury, disability insurance can help pay your most important expenses. These include: Mortgage or rent, car payments, food, child care/tuition and utilities.
- Short Term Disability Insurance replaces a portion of your income during a disability which could last up to 26 weeks.
- Long Term Disability Insurance replaces a portion of your income during a disability that is expected to last for an extended period of time, typically longer than 90 or 180 days, depending on what plan you choose.
While many people think that disabilities are typically caused by accidents, the majority of long term absences are actually due to illness.* A good rule of thumb is to protect 60-80% of your after-tax income. This will help you meet your most important financial needs.
Both plans offer:
- Direct payments: receive a portion of your salary paid directly to you if you are unable to work after satisfying the initial Elimination Period. (Short Term Disability benefits pay weekly, while Long Term Disability benefits pay monthly.)
- Easy claims filing: Report claims online or by phone
- Competitive rates: This group coverage is offered only through your employer