Understand the difference between disability insurance and short term disability insurance and why you need both

 Today, we need insurance for just about everything including our home, vehicles, recreational vehicles, belongings and more.  One type of insurance that so many people overlook is disability insurance.  This type of insurance is so critical that without it you could end up financially ruined if you end up injured or disabled and are not long able to work.  Disability insurance will pay monthly benefits to you and your family if you are physically or mentally unable to work. 

You can choose from a number of disability insurance plans that are tailored to your exact needs.  Your individual coverage will outline exactly when your benefits begin, the amount of monthly payments to be received, any policy limitations and the length of time you will be covered.

Long Term Disability - LTD insurance or disability income insurance will cover you until you are 65 years of age.  It provides a monthly amount of money in the event you become disabled and can no longer work.  Your disability can be classified as either physical or mental.  This is likely the most important type of insurance you will ever need.

Short Term Disability - STD insurance covers you for up to one year.  This type of insurance is excellent in the event of an accident or maternity coverage.

Both long and short term disability insurance plans can be fairly expensive so it is not wise to claim on your disability insurance policy to cover you for a relatively short term injury or illness.  If you choose to claim, be prepared for much higher premiums in the future.

AFLAC offers disability insurance that may provide you with income for periods of 3, 6, 12 or 24 months you get hurt or become ill.  Your policy moves easily with you when you change employers making it hassle free.  Be sure to check them out if you are shopping for short term disability insurance.

Individual short term disability insurance as well as long term insurance are products designed especially for you and your individual needs.  These insurance policies will replace anywhere from 40% - 80% of your gross income tax free should you become too sick or disabled to earn an income from your current profession.  Plans and coverage will vary from disability insurance company to company as will plans and premiums.  Disability income insurance is not cheap so if it sounds too good to be true - do more homework.  Good, comprehensive policies are not cheap but they will payout if you ever become sick or injured.

What is Social Security Disability Insurance?

Social security disability insurance pays benefits to you and your family (certain members only) if you are qualified to be insured.  In order to qualify, you must have worked long enough and paid social security taxes in order to receive monthly benefits from the Federal Government if you are disabled.

If you own a property with a mortgage and you have opted for mortgage disability insurance and get sick or injured, your mortgage payments will be covered for you.  Depending on your plan, your mortgage may be paid off entirely or your payments will be covered for a certain timeframe.  Of course the longer the timeframe, the more you will be expected to pay monthly.

Where to get a long term disability insurance quote?

You have a number of options when shopping for a long term disability insurance quote.  You can ask your current home or vehicle insurance company if they offer disability insurance.  Most of the larger insurance companies offer a full range of insurance coverage.  Your insurance broker can also provide you with a list of good disability insurance providers for you to check into.  There are also a number of excellent companies online that will provide free insurance quotes.  Most also provide a toll free number if you prefer to speak to someone live.  We always recommend your use a reputable disability insurance company that has been in business for a long period of time and has a good track record.