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The Basics of New York Short-Term Disability Insurance

March 20, 2010

New York Disability Insurance

In today’s difficult economy, it is easy to believe that even a short absence from work could result in financial disaster for your family. With nearly a third of all Americans becoming temporarily disabled and unable to work in their lifetime, preparing for a short-term loss of income with New York Disability Insurance will ensure that you and your loved ones are able to survive an unfortunate setback and move on to better days.

What is Short Term Disability Insurance?
This type of insurance will pay between 40-65% of your salary should you become temporarily unable to work due to a disability. Generally speaking, most policies will offer benefits for a period of three to six months, though some have extended coverage options. Additionally, most policies will put a limit on how much the insured can receive each month and a waiting period of up to two weeks may be necessary before a payout is received.

What kinds of disabilities are covered?

Severe cases of the flu, pneumonia, back pain and injuries that limit your mobility and functionality are among common causes of short-term disability. It is possible that your employer will insist that all of your sick pay is extinguished before you start receiving STD benefits. Also, benefits are normally extended immediately for disabilities related to injuries while you may have to prove the severity of an illness to access a payout.

How do I obtain STD insurance?

Most individuals have access to short-term disability coverage through their employers. The average annual premium for a group policy is around $200 and many employers assume this cost completely or partially as a benefit to their employees. Furthermore, New York short-term disability insurance is referred to as “guaranteed issue”, which means that you will be required to pass a medical examination to qualify for coverage.
Having New York Short Term Disability Insurance will protect you and your family from unnecessary financial strain. Whether you are suffering from a broken ankle or a severe case of pneumonia, wouldn’t it be nice to know that you are free to focus on your recovery and recuperation rather than being forced to worry about your loss of income and how you will make ends meet? Take advantage of this important employee benefit and enjoy the peace of mind that comes with knowing you are more substantially prepared for whatever comes your way.

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Why New York Disability Insurance May Be A Good Idea

New York Disability Insurance

Did you know that nearly 20% of all Americans will become disabled in their lifetime? Though you may feel perfectly healthy today, it is possible that in the future, you may suffer from a variety of physical ailments that could leave you unable to work. A majority of Americans would find it difficult to meet their financial obligations should they suffer from a disability that forces them to be out of work for more than just a few weeks. New York Long-Term Disability Insurance provides a steady income should you be unable to work for a lengthy stretch of time.

How does Long-Term Disability Insurance work?

Generally, a LTD policy will pay a portion of your annual income (usually between 50-60%) if you are unable to perform your job duties due to a disability. In most cases, the payout is received for anywhere from two to five years.

What qualifies as a disability?

The Council for Disability Awareness cites illnesses like cancer, heart disease and diabetes as some of the more common causes of long-term disabilities. Painful joint and muscle disorders and arthritis also top the list.

There are a couple different types of LTD policies available. One variety issues a payout if you are unable to work in any capacity while the other offers benefits to those who are unable to perform tasks associated with a specific position. If you are only partially disabled, most policies will offer a percentage of the insurance benefit.

How do I get LTD Insurance?

Many people obtain a long-term disability policy through their employer. If you have this benefit but do not feel though it is sufficient enough, or your employer doesn’t offer this type of coverage, you are able to purchase an individual LTD policy.

According to a recent national study, over 30 million people are currently disabled. Preparing for this possibility is imperative. Whether you are looking to supplement an existing policy or you are looking for initial coverage, New York Disability Insurance offers a variety of coverages to meet your specific needs. Take charge of your financial future and get coverage today and contact on of our licensed financial specialists.