The Federal Reserve recently reported in a study that 35% of Americans wouldn’t have enough money to pay for a $400 emergency. While you are likely not in that group, what would happen if you became sick or injured and unable to work for the next 3 months or longer? Do you have enough money to cover your personal and household expenses for that amount of time?
Even if you have long-term disability insurance, most policies (whether employer-provided or individual) will have at least a 90-day waiting period before you can start collecting benefits. Additionally, that first benefit payment may not be issued for up to 30 days after you become eligible. This means you may have to wait up to 4 months before receiving benefit payments.
A Brand New Product
We are happy to announce that Assurity has introduced an individual short-term disability insurance option! This policy can provide up to a $1,000 weekly benefit for a minimum of 13 weeks or for as long as 2 years. Additionally, some benefit payments can start paying immediately upon approval, without any waiting period.
Here are some other important benefits this policy can offer:
- Tax-free benefit
- Childbirth benefit
- Stay-at-home spouse benefit
- Return of premium benefit
- Own occupation definition
- No income verification
- No medical exam
- Online application
While short-term disability insurance policies are offered by some employers, they are generally group coverage and may not offer these same benefits. These policies are also likely not transferrable if you change jobs and any benefits paid will probably be taxable.
Discover Your Options
This is the only true individual short-term disability insurance product that we are currently aware of that can be offered by independent agents. We are excited to be able to offer it to you and encourage you to take this as an opportunity to review your emergency savings and disability insurance plan to see if this an option you should consider.
Contact us today if you are interested in learning more about this disability insurance option and reviewing personalized price quotes for you.