Chronic pain, injury, cancer, depression – these are just a few of the many reasons you may not be able to work for a long period of time. What will happen when your sick leave runs out, or, worse, you lose your job because of your disability? Will you have an income? What if you have a family who depends on your financial support.
Having a disability without a means of support is not something any of us will want to face.
If your disability occurs on the job, it can, but 62% of all disabilities occur off the job. Those are not covered.
Not all employers includes a disability plan.
You may think the dollars you put into the Social Security system for years will come to the rescue, but consider this. A 40-year making $60,000 a year can only expect about $1,700 a month from Social Security in the event of disability. That’s far less than he is used to making and probably not enough to cover his expenses. And chances are he may not even qualify. Social Security restrictions are very tight. One thing you will have to do is prove that you will be out of work for at least a year.
Needless to say, the financial consequences of a disability can be devastating. In 2001, more than one-fifth of bankruptcies in the United States occurred because the debtors (or their spouses) lost at least two weeks of income due to injury or illness.
62% of disabilities occur off the job. These are not covered by Worker’s Comp.
Yes, but SDI only pays 55% of income up to $334 per week. An STD plan can be designed with higher percentages and maximums to replace a larger amount of income. The STD plan will pay on top of SDI to these higher amounts.
Yes, pregnancies are covered as any other disability.
The average occurrence of STD claims is 65 per 1,000 insured lives per year.
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