Nobody enjoys buying insurance. But there are times when insurance is necessary. What would you do if you were suddenly disabled and unable to work? The reality is that one third of all Americans between the ages of 35 and 65 will become disabled for more than 90 days. And one in seven workers will be disabled for more than five years. The loss of income can be devastating to individuals and families.
Disability insurance replaces a portion of your income should illness or accident strike. Typical group plans offered by an employer will replace up to 60% of your salary. In New York State every employee is covered by state mandated short term disability - but unless you are earning very little, it will not come close to meeting your former salary and will only cover you for a limited time. Individual plans that cover you for disability in your profession can be costly, depending on the options you choose.
Find out if your employer offers long term disability - and take advantage if they do. More information on disability insurance in upcoming blogs.
-Marilyn
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