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Insurance for North Carolina State Firefighter Association

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What is Disability Insurance?

Disability insurance is intended to provide income protection for you and your family in case you are rendered unable to work by illness or injury. This coverage doesn’t only apply to work-related accidents and ailments, which is why it’s important for everyone to have disability insurance. However, before you are actually facing a specific illness or injury, it can be difficult to know whether you should get a short-term or long-term disability insurance plan.

Disability Insurance Time Frames

Short-term disability insurance exists to provide financial assistance for a few weeks and no longer than several months. It is intended to help you continue making an income while you heal from an injury, recuperate after giving birth, have to spend time in a rehab facility, or undergo any other limited period of recovery. A short-term disability insurance policy also allows you to access the money you need more quickly and immediately, and you may not have to wait more than a few days to begin receiving benefits.

Long-term disability insurance, on the other hand, requires you to wait anywhere between 30 days to 2 years before receiving long-term benefits. However, once you begin receiving long-term disability payments, you may continue to do so for several years until you reach your maximum, recover, turn 65, or even for the rest of your life, depending on your plan.

Do I Need Short-Term AND Long-Term Disability Insurance?

The short answer is “maybe.” It’s impossible to predict whether or not you will become ill or injured and how long it will take you to recover. However, you may make the decision based on your income, savings, and potential to access paid time off, should you need it. If you were out of work for several months and could live on your savings and paid time off, short-term disability insurance may be a good fit. However, the majority of people who become so ill or seriously injured that they cannot work are often out of commission for over a year, which depletes the average person’s savings very quickly. Even if you have significant savings built up, a long-term disability policy may prove critical if you fall victim to cancer, undergo a long battle with a serious disease, or otherwise need more than a few months to get back on your feet.

It is recommended that you have both long-term and short-term disability insurance. They tend to work well in tandem with one another and allow you access to the benefits you need, whether you break your ankle or develop a life-threatening condition. With both plans in place, you don’t have to worry about going broke in the event of an accident or sickness, no matter how serious.

Experienced Insurance Administrator in Atlanta

For help choosing the best policies for you and your family, get in touch with an insurance administrator. Our team at Insurance Specialists, Inc. is here to help you evaluate your needs and choose the best path forward.

Call (888) 451-0883 or contact us to speak to one of our representatives today.