Many of us worry about our health insurance plans. You can hear it in discussions, and you can read it all over the news. We want to make sure our medical services get covered in case we get sick or hurt. However, we hardly ever think about replacing our incomes in case that same illness or injury makes it tough for us to go to work and get paid! Have you thought about how you would pay bills if you lost your job?
Should you consider short term disablity insurance in case you cannot work for a few weeks or a few months?
You may be in a good position. It may not be a big deal if you lose your income for a few weeks or a few months. A lot of people, these days, would not be able to keep bills current if they lost their income for a few weeks or a few months. Some people do have sick days at work, but these days, that benefit may be very limited.
If you break your arm, get the flu, or suffer another type of sickness or injury, how long will you get paid by your job? Many people do not get paid at all if they cannot show up for work. Others may be able to collect a paycheck for a week or two. What if you are out of work for three weeks or three months? Would you be able to pay your mortgage company, auto lender, or utility company?
You may have long term disability coverage, or you may think that social security will help you. However, these plans usually have long waiting periods. In addition, they may be very tough to qualify for. Lots of long term disability policies have waiting periods of 90 to 180 days. What will you do for money if you cannot collect a check for months?
A short term disability policy (STD) may start to pay after a short waiting period. You can specify a variety of waiting periods, coverage amounts, and coverage terms. If you have 2 weeks of sick days from your job, you may elect a 15 day waiting period. This could help you enjoy income every day.
How much does STD cost? Your premium will be different, depending upon many unique things. Your actual premium will depend upon the insurer, your zip code, the features and benefits you choose, and other things. Some insurers even consider your occupation when they decide how risky you are to cover. People in riskier jobs may have to pay more for their policies.
How can you find short term disability insurance? You may be able to purchase this benefit at work. Your company may even pay part of the premium. Otherwise, you can find many insurers that offer policies on the private market. You may even be able to include this coverage as an option you add to a health or life insurance policy.
If you want to learn more about STD, you can get online insurance quotes or find a good agent. You can find out how much policies will cost you, and then you can decide if this coverage will provide income security for you and your family.
