Are you prepared to take financial care of your family if you become sick or injured and cant work for an extended period of time? This scenario turns even more dire if you are the sole breadwinner for the household. Caise Benefits can help you choose a Disability Insurance policy that will protect your family’s financial future.
Disability Insurance is there to provide income when you are sick or injured and cannot work. There are two main types of Disability Insurance: Short Term Disability and Long Term Disability. Both short term and long term disability policies are designed to replace a percentage of your base salary up to a maximum amount per month depending on the policy.
What You Should Know
Short Term Disability Insurance pays between 60% and 70% of base salary. Payments are disbursed for a few months to one year depending on the policyLong Term Disability Insurance replaces 40% to 60% of base salary. Payments are disbursed until the insured is no longer disabled and can return to workShort Term policies start disbursing funds shortly after qualifying for a claim – usually within two weeks or soLong Term Disability policies may require a longer wait time before payments are made
Why Do I Need a Certified Disability Broker?
Disability Insurance policies are very complex and it is imperative that you let a certified Broker from Caise Benefits guide you thought the various options offered by the many carriers they represent.
Many employers offer some form of disability insurance as part of a comprehensive benefits package (and if they don’t, they should). If this applies to you, it is in your best interest to have a professional from Caise Benefits review the coverage of your employer’s policy. You may find there is a gap between what is being paid and your expenses or that the amount of time the payments are being disbursed is not long enough.
What Questions Should You Ask?
What percentage of my income will be replaced if I become disabled?Are commissions or bonuses covered on top of my base salary?Are 401(k) or other contributions to retirement investments covered as well?What happens if I’m unemployed and can’t pay the premiums for a short period of time?What happens if I’m unemployed and can’t pay the premiums for a short period of time?Are the payouts subject to taxes?