How long would you be able to afford to live without your paycheck? Unfortunately, it’s a question facing millions of Americans who unexpectedly find themselves unable to work every year as a result of injury or illness.
For those who do not receive disability insurance through their employer, our individual disability insurance policies enable you to eliminate the worry of how to support your family and cover your bills while you focus on recovering. Whether it is a workplace accident or an illness such as depression or cancer that impacts your ability to work, you can enjoy income protection with our individual disability insurance policies.
Disability Insurance Policies We Offer
There are two main types of individual disability insurance that may be needed depending on the extent of your disability.
Individual Short-Term Disability
An individual short-term disability policy offers coverage for a short time following an injury or illness that renders you unable to work. The precise amount of time varies, but it is typically between 13 and 26 weeks and can replace up to 80% of your usual income.
Our individually owned short-term disability policies can move with you if you change jobs, providing stability and uninterrupted coverage.
Individual Long-Term Disability
Individual long-term disability insurance is a type of coverage that provides employees with a percentage of their regular income if they become unable to perform their job duties for a long stretch of time as a result of a disability. It will kick in after any applicable short-term disability insurance has been exhausted, which is typically three to six months. These plans have varying lengths, with some limiting coverage to a set number of years and others paying out until the employee reaches retirement age.
Although these policies are often provided to employees as an optional part of their standard benefits package, we offer it on an individual basis for those who need it.
How Much Is Individual Disability Insurance?
Several factors can influence the premium of an individual disability policy, including your occupation, your health, and the benefit and elimination periods you choose.
How Much Individual Disability Insurance Should You Get?
To determine an appropriate amount of coverage, calculate your current monthly living expenses, such as housing, food, utilities, loan payments, childcare and other regular expenses. You should also consider how long you can wait for your benefits to begin and how long you need them to last. Our benefits consultants can help you make this calculation.
Get Coverage from Business Benefits Group Today
A medical condition or injury can strike at any time, leaving you unable to work and provide for yourself and your family. Protect your income with short-term and long-term individual disability policies from Business Benefits Group (BBG).
It is best to apply for individual disability insurance while you are healthy as you will be able to obtain more favorable terms. It is often too late to obtain coverage once you are too injured or sick to work. You can also lock in pricing and increase your coverage as your income grows to align with the cost of living.
For more information, send us a message online or call us at (844) 201-3609.