When most think of their assets, they think of their 401(k), properties and other savings. What is too often overlooked is quite possibly your largest asset, your income and potential for future earnings. Personal Disability Insurance will help replace a portion of your income should you be injured or become ill and not able to perform the essential functions of your occupation. Let the Benefit Experts at North Risk Partners™ help you put a plan in place to cover you and your family when you need it most.
Here is how Long & Short-Term Disability work together for you:
- Short-Term Disability can be available as soon as the qualifying accident/illness occurs and typically pays you a benefit for 6 months. To keep premiums down, consider a waiting period before benefits kick in. Factor in time you could continue to pay your essential expenses through vacation pay or savings.
- Long-Term Disability is geared towards more severe illness/injury that will keep you away from work for more than 6 months with benefits periods commonly lasting anywhere from 5 years to Normal Retirement Age.
- Typical Policy will pay a maximum of 60% of your normal wages; however you can apply for less to save money on the premiums.
- Benefits are generally payable whether you are partially or totally disabled.