Medical expenses and job loss are two of the most common reasons individuals file for bankruptcy.2 If you lost your income because you were injured or became too sick to work, would you be able to cover your living expenses, plus additional medical bills? Many employers offer disability insurance to their employees at no cost or at a discounted group rate, so check with your employer to see if a disability insurance policy is available. There are a few things to keep in mind when choosing disability insurance. 17. if your request for short term disability is approved and your benefit is taxable, please give amount you want us to withhold per week for federal income tax (must be whole dollar amount of at least $20 per week and may not reduce benefit to less than $10). Prepared by The Guardian Life Insurance Company of America. Products are not available in all states. While every policy is different, the two main differences between long term and short term disability policies are the length of the benefit periods and the level of coverage each type of policy offers. © 2020, The Guardian Life Insurance Company of America, New York, NY. If you’re not sure how a short term disability policy will fit into your overall financial plan, talk with a financial professional who can help you figure out how to best protect yourself. If you’d like some help understanding what type of coverage makes sense for you and applying for a policy, get in touch with a financial representative who can help you make a decision. But before you can choose the right protection for a potential disability, you first need to understand the difference between the two primary types of disability insurance: short term and long term. Feranmi Okanlami was a star athlete and orthopedic surgery resident when an accident forever changed the course of his life. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services. Guardian continues to stay on top of all new and evolving government updates regarding coronavirus and short term disability. Watch his inspiring story to see how disability insurance helped him recover and return to a career in medicine. Temporary disability insurance is offered to workers through a government program in some states . Guardian’s Group Short Term Disability Insurance is underwritten and issued by The Guardian Life Insurance Company of America, New York, NY. You should consult your tax or legal advisor regarding your individual situation. To decide how what level of coverage you would need, calculate your monthly expenses, and consider additional medical bills you may have to pay if seriously sick or injured. Employers can customize benefit amount, benefit duration, elimination period, and more. Disability insurance is sometimes called “disability income insurance” because it is designed to replace a portion of your income if you are unable to work because of a serious illness or injury. 0
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Unlike Worker’s Compensation, short term disability insurance pays benefits for an injury or illness unrelated to your job. This period is called the benefit period. Coverage varies by policy, but your plan should outline if there are any conditions that would be exempt from coverage under your policy. .d For most people, the answer is no. Links to external sites are provided for your convenience in locating related information and services. As you can probably tell, short term and long term disability insurance policies are designed to work together. Plan documents are the final arbiter of coverage. Optional riders and/or features may incur additional costs. But considering that over 1 in 4 of today’s 20-year-olds will become disabled before they retire,3 having a short term disability policy in place can help you feel confident that you’re protected, whatever challenges life may bring. Guardian continues to stay on top of all new and evolving government updates regarding coronavirus and short term disability.