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DISABILITY INSURANCE
Who needs disability insurance?
Anyone that needs their present income to support their current
lifestyle should think about disability insurance.
What about State Disability or Social
Security?
Only 5 states have sponsored disability programs
(California, Hawaii, New Jersey, New York and Rhode Island). At best,
these programs can only be considered short-term and in most cases will
not come close to meeting your current lifestyle needs (California has a
maximum benefit of $336 per week for 13 months). Under Social Security a
person must be disabled (as defined by Social Security) for 12 months
before they are even considered to be eligible for benefits. Once
considered, 7 out of 10 applicants are initially denied coverage. Social
Security also pays relatively small benefits and imposes a 6-month
waiting period.
Short Term Disability
Short term disability (STD) pays a
percentage of your salary if you become temporarily disabled, meaning
that you are not able to work for a short period of time due to sickness
or injury (excluding on-the-job injuries, which are covered by Workers’
Compensation insurance). A typical policy provides you with a weekly
portion of your salary, usually 50, 60 or 66 2/3 percent for 13 to 26
weeks.
Long Term Disability
Long term disability (LTD) policies are
defined as a policies that pay as long as you cannot perform the
material duties of your own occupation or in some cases any occupation.
Disability policies come with various elimination periods. This is the
number of days you must be disabled before benefits begin. Disability
benefit periods also vary from policy to policy. Benefit periods can
range from only a few months to your entire life. It is generally
advisable to buy a plan that lasts until age 65, when most people begin
receiving pensions and Social Security retirement payments.
Individual
& Group Long Term Care
Unexpected events, as well as the aging
process, can leave you in a vulnerable position both personally and
financially. What is Long Term Care? It’s the type of care received
either at home or in a facility, when someone needs assistance with
activities of daily living (bathing, dressing, toileting, transferring,
continence or eating) or suffers severe cognitive impairment. This type
of policy can be offered as an employer sponsored plan or a voluntary
plan. Coverage is guarantee issue with no medical underwriting to
specified policy terms and maximums.
Hoffman Brown Company is here to serve your
insurance needs.
Please click here to contact us
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