Most of us protect our homes, cars and family from unexpected events with insurance, but what about our income? Disability insurance, both short term and long term, protects your family’s finances by replacing lost wages if you are injured or become ill and cannot work.
Some companies offer disability insurance to their employees. If your employer does not, or if you are self-employed, you should strongly consider purchasing a personal disability insurance policy.
According to the Council for Disability Awareness, the average worker has a 30-percent chance of becoming disabled, and one in eight workers will be disabled for at least five years during their working life. About 12 percent of the population currently receives disability benefits.
Accidents and illness happen to everyone. If you were suddenly unable to work, would you be able to maintain your current lifestyle and pay your mortgage and family bills? If not, you should consult with an Alliance Insurance Services agent to discuss the appropriate disability coverage for you.
There are two types of disability insurance: short term and long term. Short term disability insurance provides coverage for a limited amount of time from several months up to one year, depending on your policy. Short term disability insurance contains a maximum coverage amount. Among the events for which short term disability insurance provides benefits are a lengthy illness, a disabling injury or the birth of a child.
Long term disability insurance provides coverage for an injury or illness that prevents you from working for an extended period. Long term disability insurance does not cover child birth. Common long term disability claims include disabling back pain, cancer, heart attack and mental disorders. Long term disability insurance has a longer initial waiting period for claims, up to 90 days or longer, but after a claim is settled you can receive benefits for several years, until you recover or reach age 65. Some policies pay benefits for life.
Disability insurance provides you a back-up plan to avoid financial disaster in the event you are injured or become seriously ill and can no longer provide for your family. As with most insurance, the type and amount of coverage you need can be confusing. Your Alliance Insurance Services agent can help you navigate the complicated world of disability insurance.
The Alliance Insurance Services Guarantee
At Alliance Insurance Services, we believe that when it comes to selecting an insurance agent, the most important factors are Protection, Price, and Service. Protection of your most valuable assets is what insurance is all about. As your insurance agent, it is our job to make sure you are adequately insured.
As an independent insurance Agent, we represent more than 20 top-rated insurance companies. This means we shop your disability insurance for you, offering you the best possible coverage for the best price.
When you have a question, concern, or problem, we are here for you! We have offices in Winston-Salem and Walnut Cove. Our Summit Square Boulevard office in Winston-Salem has extended hours (until 5:30 pm Monday through Friday) and every Saturday for your convenience.