Is Short-Term Disability Insurance Right For You?

Is Short-Term Disability Insurance Right For You?

Short Term Disability Insurance Greenwood Village COThe Basics Of Short-Term Disability Insurance

Disability insurance can provide you with a sense of security, knowing that you will be taken care of if something happens or if you injure yourself on the job. Short-term disability insurance is one type of disability insurance that can come in handy. Here is some information to help you decide if this is a good option for you.

You should consider Short-Term Disability Insurance if:

  • You want immediate coverage from the first day of your disabling injury.
  • You only need coverage until you start receiving benefits from an employer-provided disability insurance plan.
  • You would prefer disability protection that is more portable instead of it being tied to your job.
  • You want a shorter benefit period in order to keep your premium as low as you can.

Built-in benefits of basic Short-Term Disability policies include:

  • Guaranteed Renewable: As long as you pay your premium when it is due, your policy cannot be cancelled. This benefit can last up to age 67.
  • Workers’ Compensation: If you are disabled by an injury or illness that your state or federal workers’ compensation covers, you automatically get 50% of the short-term disability benefits you are eligible for.
  • Total disability income: If your disability prevents you from performing your regular job duties and you are not employed in another job, you will get a monthly benefit once you meet the elimination period.
  • Partial disability: If your injury prevents you from performing your job tasks or more than 50% of your normal daily tasks, you can get 50% of the total disability monthly benefit for up to 6 months.

This basic information about short-term disability insurance can help you figure out whether it is right for you. Contact Employee Benefit Plans Inc. in Greenwood Village for your short-term disability insurance needs in Colorado.