Most people have to dip right into their savings if they can’t work due to an illness or serious injury. Or if they can’t handle financial responsibilities. Brazelton Insurance Group can help you save money on dipping into your savings account.
For many people, disability insurance is available only for a short or long term forms. With given the following status, should discuss this with your insurance agent as soon as possible.
- About 1 in 8 workers will be disabled for at least five years
- Average worker has a 30% chance at becoming disabled
- 12% of the population receives disability benefits
Short-Term Disability insurance (STD) provides coverage for a short amount of time. For less severe illnesses or injuries, which includes temporarily disabling injuries. You’ll wait for 14 days before receiving any sort of benefits. Coverage can range from a few months to a year, and benefits will continue until your policy’s time reaches it’s limit or you have recovered.
Long-Term Disability insurance (LTD) provides coverage over longer periods of time. Which is covering injuries and illnesses preventing you from working. Unlike short term disability it doesn’t cover childbirth. Here are the more common longer term disability claims include.
- Connective tissue disorders
- Circulatory disorders
With long term disability claims they usually take up to 90 days to be approved. If you have some form of a debilitating injury, your waiting period before you receive your benefits could be longer. When approval comes, you can receive benefits for several years. Some policies pay life-long benefits, but this can variety by policy or by the insurance company you have.
For more information about how to save your savings contact Brazelton Insurance Group.