- Posted by Canopy KC
- On September 27, 2016
- 0 Comments
- choose the right plan, Disability Insurance, kansas city, Long Term Disability, shopping for healthcare.gov plans, Short Term Disability
As adults, you want to protect everything that is important to you; your children, your home, your car, your health. Yet, your most important asset, your ability to work, is often overlooked. If you have ever asked yourself, “do I need disability insurance,” and you answered “no,” try it this way, “how would I live without the ability to earn a living?” Alarming thought. We agree.
When thinking about insurance coverage the majority of people consider the big 3; health, auto, and life insurance. Disability insurance is another important piece of your financial portfolio that should be seriously considered when planning for your future. That disabling injury or illness doesn’t care that your mortgage payment is due on the 15th or that you are saving for you children’s college, but disability insurance does. It provides income to you and your family if you are unable to work. It is another layer of protection.
Short Term Disability insurance and Long Term Disability insurance have different functions.
- Short Term Disability: provides a specific percentage of your income after your sick leave, FMLA, or maternity leave ends. Typically, short term disability insurance is covered in portion through your employer and depending on the amount of coverage you chose, will provide income up to 52 weeks.
- Long Term Disability: provides on average 50-60 percent of your income for an extended period of time. Long term disability’s length of coverage is policy dependent, but can cover you until you can return to work or age 65 (retirement).
- Other: This is tough. If you are unable to provide income for an extended duration of time other options include accessing your emergency savings account if you have one or asking assistance from family. Both are viable options but may run out before you can return to work.
Just because you have asked yourself, “do I need disability insurance,” doesn’t mean that you should break the bank each month in order to pay your insurance premiums. Our priority here at Canopy is understanding your needs to get you the right coverage. We offer free consultations for all your insurance needs, and like all things at Canopy, you’re covered.