A Simplified Guide to Short-Term Disability Insurance
(A short intro to your short-term needs.)
October 17, 2019
Short-term disability insurance is one of those things you tend to wish you bought before it was too late. Don’t let this happen to you. Short-term disability insurance may not seem like a big deal, but it really is.
An independent insurance agent can help walk you through everything worth knowing about short-term disability insurance, how to use it, and how to get it. Plus, they'll help walk you through a number of options to find the right coverage and price for you. But first, it's time for a little background of short-term disability insurance.
What Is Short-Term Disability Insurance?
First things first, you need to know what short-term disability insurance is and how it works. Short-term disability insurance pays for a portion of your income if you become temporarily injured or ill and you're unable to work, paying out anywhere between 40% and 70% of your salary.
But short-term disability is different from it's long-term counterpart, so we're talking days and months of coverage here, not years.
What does short-term disability insurance pay for?
Pregnancy and birth: Yes, that’s right folks, short-term disability will cover maternity leave or complications arising from pregnancy or birth.
Injuries: These are non-work-related injuries that make you unable to perform your regular work duties.
Musculoskeletal injuries: This is when you have pain or injuries in the musculoskeletal region of your body, usually due to jarring of some kind. This is only for the short-term injury of the musculoskeletal system. The long-term disability would be covered under your long-term policy.
Cancer or other illnesses: Some cancer and illnesses are short-term and can have you back at it within months . This can be covered under a short-term disability policy.
Short-Term Disability Insurance Outside of Your Employment
A lot of people think short-term disability insurance is only available through an employer. Nope, not the case. Short-term disability options are around nearly every corner. But if you're looking to get a look at all your best coverage options and prices from an agent who knows how to handle every turn, an independent insurance agent is the way to go.
If your employer does offer you a short-term disability policy, it's likely that you will need more coverage. There are benefits that many employer-based programs don't include that are more of a catchall. And since you want options and a protective plan that works for you, you'll want to talk to an independent insurance agent to help fill in any gaps.
The Best Short-Term Disability Insurance
The best short-term disability insurance is the one that provides you with enough coverage. It’s true that there are a bunch of insurance companies out there with different short-term disability insurance offerings, but it all comes down to you and your needs.
What kind of coverage do you need? How much per month do you need to sustain your current quality of life? You want to leave your financial status as unchanged as possible during a short-term disability or illness.
That’s where your independent insurance agent can spread the knowledge. They know what the insurance companies offer. They know which ones will have what you are looking for, and they have the best pricing.
Private Short-Term Disability Insurance
Private short-term disability insurance is through your independent insurance agent alone and not through your employer. You have a lot of options, and the good part is you don’t need to do the research yourself. If you work with an independent insurance agent, they know all the ins and outs of every carrier and can help find a plan that meets your requirements for both coverage and price.
What would happen to your business if you couldn't work due to short-term disability or illness? What if you were out for 6 months, could your business survive and thrive for that long without you? What about you, could you afford to pay yourself your regular paycheck if your business was floundering?
These are all things to consider when discussing short-term disability insurance with your independent insurance agent.
Cost of Short-Term Disability Insurance
The cost of individual short-term disability insurance is determined by your health risk factors as an individual, your age when applying, and the amount of coverage you select. Group short-term disability insurance is a bit different in that the insurance carriers typically do not require individual health exams when figuring premiums. They base the rates on the entire group and accommodate accordingly.
Price points vary no matter what type of short-term disability insurance you choose. Normally, your short-term disability policy costs are significantly less expensive than long-term disability insurance. The very best way to get exact pricing for your specifications is to contact your local independent insurance agent. They know which insurance carriers offer the most coverage for the best price so you can stay within your budget.
How an Independent Insurance Agent Can Help
An independent insurance agent can be your knight in shining armor when it comes to short-term disability insurance. When you feel like it's hopeless to find the right kind of coverage at the right price, they gallop in with coverage options that all fit right in your budget.
Your independent insurance agent will bring a number of different short-term disability quotes to the table based on all your wants and needs and help guide you to the right options based on their experience and expertise.
Go on, give your local independent insurance agent a call and get going on your short-term disability insurance before it’s too late.