Disability Insurance Sources

As important as it to understand your need for disability insurance, it is equally important to know all possible sources of coverage through your employer or the government.

– Disability Benefits Law (DBL): In New York State, all employers must enroll in this coverage for all employees. Under DBL, disabled employees receive a maximum of $170 per week for up to 26 weeks

– The Social Security Disability Insurance (SSDI) Program may qualify you to receive income benefits due to a disability. The monthly benefit average is just over $1000. Claim approvals under this program can take months or even years to process. Visit www.ssa.com for more information about this government program

– Workers Compensation: This is a form of disability coverage that is taken out and paid for by employers. Employee benefits from these policies are only paid for job-related injuries or illnesses. Most disabilities in the US are not job-related however. For more information about Workers Compensation benefits, visit the NYS Workers Compensation Board’s web site at http://www.wcb.state.ny.us/

– Group Short Term Disability: Some employers will voluntarily enroll in Group Short Term Disability policies. In most cases, premiums paid for these optional benefits are passed down to the employee. Benefits paid to disabled employees usually range from 50%-66% of their pre-disabled monthly income and lasts for up to six months

– Group Long Term Disability (LTD): Some employers will voluntarily enroll in Group LTD policies. In most cases, premiums paid for these optional benefits are passed down to the employee. Benefits paid to disabled employees usually range from 50%-66% of their pre-disabled monthly income and have varying benefit periods (e.g. 1 year, 3 years, to age 65)

– Individual Disability Income (DI) Insurance: Individuals may take out an individual DI policy on their own through a broker. We at Insurance Suffolk Brokerage can help you obtain such a policy from the many carriers that offer coverage in the state of New York

Talk to your benefits manager at work to learn what is currently available to you for disability coverage via the company. Based on what your employer offers you in the way of disability insurance, this will help you determine how much individual DI coverage you will require. This will give you piece of mind that all of your bills will be paid in the event you become disabled.