If an accident takes away your ability to work, the financial impact could be devastating for you and your family. Disability insurance helps to protect against the loss of income if you are unable to work.
An injury could happen any time, affecting your ability to bring home a paycheck. These plans provide additional income while you recover.
Benefits and waiting periods differ across our variety of carriers, so you can pick the perfect fit for your budget and needs.
Determine whether you need short-term or long-term disability. To determine your coverage gap, subtract your expected income sources (savings, other income) during disability from your monthly expenses. By calculating your coverage gap, you know how much financial support you’d need from disability insurance.
During the application process, one of our licensed agents will ask you questions about your location, age and health history.
You will need to make regular payments to keep your policy active. Age, health, coverage amount, coverage period and the type of disability insurance will determine the cost of your premiums.
You simply file with the insurance carrier if your disability meets the definition indicated in your policy. There may be a waiting period included in your policy before you can receive benefits.
In general, disability insurance policy costs become less expensive the longer the waiting or elimination period is. Combining a Short-Term policy with a long-term one may be a good strategy to help you save on premium payments while you wait for your long-term disability insurance to begin.
We offer short-term disability policies that range from 13 to 26 weeks of supplemental income coverage with a 90-day elimination or waiting period. These plans begin when you experience an accident that results in disability and prevents you from working.
Long-term disability plans have a longer amount of income coverage that ranges from one year to the rest of your life. These policies will also have an elimination or waiting period before you can begin receiving benefits.
U.S. households have enough financial savings to cover at least three months of expenses
people received disabled-worker benefits from Social Security in April 2024.
of debtors cite medically-related work loss as a contributor to bankruptcy.
is the average annual Social Security Disability Insurance annual benefit as of April 2024.
*According to The Federal Reserve, Social Security Administration and Center on Budget and Policy Priorities.
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It may be difficult to imagine missing months or years of work due to an injury or illness if you are young and healthy. But more than 25 percent of 20-year-olds can expect to be out of work for at least a year due to disability before retirement, according to the Social Security Administration.
Injuries leading to quadriplegia or amputation may not be as common, but back injuries, fractures or vision impairment are more likely to lead to disability claims. What would you do if you couldn’t work? How far could your savings stretch?
Losing your income and the ability to pay your bills or support your family can lead to significant financial issues. Disability insurance helps bridge the gap between your regular paycheck and your reduced income while you focus on healing and getting back to work.
Whether you’re a personal trainer healing from a broken wrist or a lawyer suffering from a back injury due to a car accident, disability insurance will help to supplement your income during this time of recovery. Don’t let an illness or injury turn into a financial crisis. Disability insurance ensures you can focus on recovery, not your bills.
While ideally purchased early in your career when you’re healthy, disability insurance remains valuable even if you’re not. Securing it now can still lock in better rates compared to waiting.
If you work in a dangerous job, you may want to consider purchasing disability insurance earlier. People in high-risk professions are more likely to become disabled, and they may also have a higher chance of being denied coverage or facing higher premiums if they wait until later in life.
If you have any pre-existing medical conditions, it is important to shop for disability insurance as soon as possible. Some insurers may deny coverage or charge higher premiums for people with pre-existing conditions.
Family history of certain conditions, like heart disease, diabetes, or some musculoskeletal disorders, can increase your risk of disability. Purchasing disability insurance earlier can ensure coverage before these conditions potentially impact your eligibility.
Employment status, occupation, and income level can influence the need for disability insurance. High-risk occupations or physically demanding jobs can increase the likelihood of experiencing an injury or disability. Securing disability insurance during open enrollment ensures that you have coverage in place to protect your income if an unexpected illness or accident occurs, especially before any job-related risks or changes in employment status could affect your ability to obtain coverage.
Accidents, fractures, sprains, burns, and other injuries that significantly limit your ability to perform your job duties.
This covers cancer, heart disease, stroke, chronic pain, and mental health conditions (depending on the plan).
Back pain, arthritis, carpal tunnel, and others that limit your ability to perform physical tasks.
Multiple sclerosis, Parkinson’s disease, and epilepsy (depending on the impact on work) may be covered.
Disability insurance only kicks in if you can’t work due to a medical condition.
There are typically exclusions for extreme sports like skydiving, base jumping, or professional race car driving.
Some conditions may be excluded from coverage, or you may face higher premiums or waiting periods.
Plans may only cover full disability, not partial disability where you can still work in a limited capacity.
The list below details some common pre-existing conditions that may impact your ability to secure disability insurance, though it is not an exhaustive list. Even with a pre-existing condition, securing coverage is possible.
Back pain, arthritis, carpal tunnel syndrome – especially if they have a history of causing limitations in work tasks.
Multiple sclerosis, epilepsy, Parkinson’s disease – depending on the severity and potential impact on your ability to work.
Depression, anxiety, bipolar disorder – again, severity and potential impact on work are key factors.
A history of cancer, particularly if it required extensive treatment or raises concerns about future recurrence.
Diabetes, heart disease, kidney disease – how well-managed these conditions are will be a big factor.
An elimination period is the length of time between an injury and the beginning of the benefit payments. This can also be referred to as a waiting period or qualifying period. Most insurance policies require you to be injured or disabled during this period of time. Most of the time, the shorter the elimination period, the higher the premiums will be.
Your benefit period is the time that you can receive benefits from your disability insurance plan. This will vary by the plan type – short-term or long-term and the coverage level you select.
Most disability insurance policies will not provide benefits for a pre-existing condition, only new injuries or illnesses that occur after the policy is in force.
Some disability insurance plans cover mental health conditions, such as depression or anxiety, provided they significantly impact your ability to work. Coverage and benefit periods for mental health conditions may vary by plan, so it’s best to review the terms with your provider.
Short-term disability insurance provides benefits for a limited period, typically between 13 to 26 weeks, to cover income loss due to temporary injuries or illnesses. Long-term disability insurance, on the other hand, covers longer durations, sometimes up to retirement age, for more severe disabilities that prevent you from returning to work for an extended time.
Many disability insurance plans have a return-to-work provision that allows you to receive partial benefits if you can only work part-time or at a reduced capacity while recovering. Check with your agent or carrier for specific policy details.
The tax treatment of disability insurance benefits depends on how premiums are paid. If you pay the premiums with after-tax dollars, benefits are typically tax-free. If your employer covers the premiums as a pre-tax benefit, any benefits received are usually taxable.
Yes, it’s possible to hold multiple policies, such as both a short-term and long-term policy or policies from different providers. However, most plans have limitations on the total benefit amount to prevent excessive coverage relative to your income, helping to reduce the risk of insurance fraud. These limitations ensure that policies are used as intended—to replace lost income—and discourage over-insurance that could lead to fraudulent claims or misuse of benefits.
Workers’ compensation only covers injuries or illnesses directly related to the workplace. Disability insurance, however, protects against income loss due to any qualifying injury or illness, whether it happens at work, at home, or elsewhere.