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What if the unexpected happens?

September 22, 2014

Can you afford to be out of work for an extended period of time, in addition to the medical bills that come with a serious illness or injury? Employee Benefit Advisors, Inc. can offer you peace of mind by helping you find short- and long-term disability coverage options for you and your employees.

Did you know?
• Over 36 million Americans are classified as disabled.
• Disabilities affect one-fifth of Americans (over 60 million people).
• Almost one-third of Americans entering the workforce today will become disabled before retiring.
• More than 25 percent of today’s 20-year-olds will become disabled before retirement.
• One in eight workers will be disabled for five or more years during their working careers.
• The average long-term disability absence lasts 2.6 years.

What may cause a disability?
• Illness
• Heart attack
• Pregnancy
• Cancer
• Mental disorders
• Accidents or injuries

Less than 10 percent of disabling injuries and illnesses are work-related: The other 90 percent are not, meaning workers’ compensation will not cover them.

Your biggest asset is your ability to work and earn a living. If you become disabled, your ability to earn a living is severely diminished.

If you were disabled, how would you pay for your home, your monthly bills, your children’s education? Did you know that one in every two home mortgage foreclosures are due to disability, not death?

What types of disability are available?

Short-term Disability (STD) is a type of disability insurance coverage that can help you remain financially stable should you become injured or ill and cannot work. Usually, STD coverage begins within one to 15 days of the event causing your disability. Short term disability coverage allows you to continue to receive pay at a fixed weekly amount, usually up to 60% of your average weekly earnings. This type of disability coverage usually lasts for 3 months or less.

Long-term Disability Insurance (LTD)

Long-term Disability (LTD) is a type of disability insurance coverage that pays employees a set percentage, usually 60%, of their average income after a specified elimination (waiting) period. Most LTD coverage has an elimination period of 3 months, but some coverages may have differing elimination periods. The length of LTD plans varies; some may be limited to a period between two and 10 years, while other plans continue paying out until age 65.

LTD insurance protects workers in the event they become disabled for a prolonged period prior to retirement. LTD policies are often offered through employers as part of their benefits package.

STD and LTD benefits can both be offered on a voluntary or involuntary basis. This means that employees can elect to take the coverage and pay the premium through payroll deduction or employers can cover these premiums for their employees.

If you have any questions regarding disability insurance don’t hesitate to give us a call at (405) 310 2040!

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