Income Protection
If you become suddenly ill, are in an accident, or have a weekend sports injury and are unable to work, it is easy to fall behind on your rent or mortgage, car payment and other expenses.
According to the Council for Disability Awareness, 3 in 10 people entering the workforce today will become disabled before retiring. Also, 1 in 7 people can expect to be disabled for five years or more before retirement. That’s why a salary replacement plan is an important benefit for you and your family. The company provides Short Term and Long Term Disability benefits to employees at no cost to you.
Short Term Disability Insurance
If you were to become disabled tomorrow and couldn’t work for two or three months, would you have enough savings to cover your living expenses during that time? If not, you may want to consider Short Term Disability insurance as a piece of your overall financial plan.
Long Term Disability Insurance
The average Long Term Disability (LTD) absence from work lasts 2.5 years, according to the Council for Disability Awareness (CDA). That’s along time to survive without a steady income. Becoming disabled can have devastating financial implications by stripping you of your ability to make a living. While some people can get by without working for a few months by tapping into their savings, few people can afford to stop working altogether for an extended period of time. That’s where Long Term Disability insurance can help you.
| Coverage | Benefit |
|---|---|
| Short Term Disability/Salary Continuation | Covers 60% of your base annual earnings, to a $3,500 maximum or 52 weeks. Benefit begins after 7 days of disability. |
| Long Term Disability | Covers 60% of your base annual earnings, to a $17,000 maximum. Benefit begins after 360 days of disability and continues to age 65 standard ADEA. |