Disability Insurance
Disability Insurance is designed to replace a portion of your income when you are unable to work because of injury or illness.
There are two major types of disability insurance coverage:
Short Term Disability Insurance (STD) pays a percentage of your salary if you become temporarily disabled and are unable to work (excluding on-the-job injuries, which are covered by workers compensation insurance). A typical Short term disability policy will provide you with a weekly portion of your salary, usually between 1/2 to 2/3 of your salary for 3-6 months. and most policies have a "cap," meaning you receive a maximum benefit amount per month.
The Leading causes of Short term disability insurance claims are
- Pregnancy: 29 percent
- Injuries (excluding back): 9 percent
- Back injuries: 8 percent
- Digestive/Intestinal: 8 percent
Long Term Disability Insurance picks up where short term disability policy leaves off. Once your STD benefits expire (generally after three to six months), the LTD policy pays you (as with STD policies) a percentage of your salary, usually 1/2 to 2/3 of your current salary. You then receive benefits until you reach age 65.
The Leading causes of Long Term Disability Insurance claims include
- Cancer: 13 percent
- Pregnancy complications: 12 percent
- Back injuries: 11 percent
- Cardiovascular problems: 9 percent
- Depression: 5 percent
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