For working individuals, a disability is a medical condition that reduces your ability to perform your job duties, usually an injury or illness. While some disabilities are work-related, nearly 75% of disabling injuries to workers occur off the job.
Short Term Disability insurance, or STD, is a type of disability insurance coverage that can help you remain financially stable should you become injured or ill and cannot work, which results in a loss of income. Typically, benefits begin to accrue on the 8th or 15th day after the disability occurred. Often, the benefits will continue to pay until the 90th day, when Long Term Disability starts. The coverage allows you to continue to receive pay at a fixed weekly amount or a set percentage of your income.
Why Is Disability Insurance So Important?
The risk of disability is greater than most employees realize. When you become disabled and lose time at work, your source of income is reduced or eliminated. Nearly one-third of employees will miss more than one month of pay due to injury or illness. In addition to lost income, you are most likely experiencing an increase in medical expenses due to your disabling injury or illness.
Traditional medical insurance doesn’t cover every expense related to an injury or illness. Bills and expenses can continue to add up, especially if you have to stop working for a period of time and lose your income.
If you decide that the coverage offered through your employer-sponsored group plan does not adequately fill your personal needs, we can help! If you are interested in hearing more about your options, or have questions relating to other insurance or employee benefits, please feel free to reach out to the professionals at Associated Financial Consultants, an Associated Group company at 954-983-5600.