Janssen Brooks
Insurance

In the U.S. today, there are over 37 million disabled Americans. If you become disabled what tough choices would you make for your family's well-being? Disability insurance replaces your income, including bonuses, commissions and even your retirement contributions. Most of all, whether you're unable to work for a short period of time or permanently, your family or business will make it. Just over 25% of today's 20 year-olds will become disabled before they retire. Therefore, statistically, you're far more likely to need disability insurance than other types of coverage. What can be more important to a business or our family than the ability to work and earn income?

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How Much Coverage Do You Need?

First of all, a good place to start is to replace 60% of your income. Why 60%? That's an amount of income to your take home pay after taxes are paid. Also, remember that the goal is to return to work if possible. As a result, insurance companies don't want to incentivize you stay home. It's also noteworthy to consider how long you would like the benefit? Your policy can replace your existing income for a short period of time or all the way to your retirement age. 

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What Type Of Disability Insurance Are Available?

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Group Disability Plans 

The most common form of disability insurance is through employer provided benefits. An employee can voluntarily have coverage via salary deduction. Group disability is generally affordable, yet most group benefits are limited in coverage. Consequently, group plans place a limit on the monthly or annual benefit can be paid out to you. Having some coverage though is always better than nothing. Therefore it's important for you to read the policy and know what you're paying for. 

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Short-Term Disability Insurance

Short-Term Disability (STD) pays a portion of your income for a short period of time after you run out of sick leave. Depending on your plan, STD generally will pay a benefit up to 52 weeks.

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Long-Term Disability Insurance?

Long-Term Disability Insurance (LTD) is an insurance policy that protects the person's income in the event a person is unable to work for long periods of time. Policies can be designed to pay out a monthly benefit anywhere from one year or until retirement age when social security I accepted. 

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