Disability is not just something that should be considered a physical threat; it needs to be regarded from the financial point of view. Being disabled and not having the ability to work will eat through your savings at a good clip, much faster than you ever thought possible. What do you do in the event of an injury that lays you out flat for the short or long-term? More insurance industry gurus recommend you have savings of up to six months in order to pay expenses. How many people actually do that? Not many and therein lies the problem. There is a solution to this problem though and it involves short term disability insurance. Short term disability insurance is available to offer protection to people who don’t have significant savings or for those who can’t pay bills out-of-pocket if they are laid up. In fact, short term disability insurance pays out a percentage of lost wages that ranges anywhere from 50 to 70 percent. That however does depend on the policy, and for a policy that pays out at a higher rate it’s smart to talk to an expert insurance broker who can fill you in on what you need to know. Here is how a policy like this may work. It makes a payout for a specified time period that may be anywhere from 10 to 26 weeks. While that might not seem like a long time, it’s not meant to be. It’s considered to be a safety net to help a temporarily disabled worker pay their bills for a short time. Coverage like this is quite often obtained through an employer or even as a part of a worker’s group policy. While that might be a nice thing, you need to know that generally speaking, there are some hoops you may have to jump through. For example, your company might want a doctor to certify your disability, or you might have to use all your sick days first. As with many insurance contracts, each one has different things that will either benefit you or not. This is one of the major reasons to speak to a fully qualified health insurance broker to get a full explanation of the policies you may be considering.
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