According to the Social Security Administration, 3 from the 10 workers out there have a pretty good chance of becoming disabled at some point. If you might be one of those individuals, would you be prepared to support the financial percussions that might appear in this kind of situation? Unless you have other financial sources that you can use to pay your mortgage or other monthly financial obligations, it probably be good idea to purchase short-term disability insurance.
The injuries which are work related are usually being covered under worker's compensation. Of course, as you might have guessed already, off-duty injuries are not. It may very well pay a percentage of your monthly income or a rate which will have to be paid on a weekly basis. Employers might offer short-term disability insurance from 6 weeks to 2 years, with a restriction of how much you are able to receive in a certain period of time. For you to be eligible, you will have to be working for a particular period of time. Employer group coverage might even be offered to you free at costs.
If by any chance, your employer will not offer you any coverage, or you just simply want to buy some additional coverage, you might consider buying individual short-term disability insurance. Unlike employer coverage, individual insurance coverage will be limited depending on your health. Beside this, individual insurance coverage is usually in many situations more expensive. Individual coverage too just like employer coverage normally will offer you coverage up to 2 years. With this type of insurance you are able to determine the percentage of your own monthly income which you might want to reimburse.
As you might noticed by now there are advantages and disadvantages when it comes to short-term disability insurance and you are the only one who can know which is the right decision to make.
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