What Is Short Term Disability Insurance And How To Get One

Any short term disability can cause a major financial struggle in your life. There are many medical bills to take care of while your regular house bills keep coming and if you have dependents, the situation gets even worse. This is why it’s so important to have some kind of a safety net to support you through this time and help you organize your finances a bit easier.

Short term disability insurance can be this safety net for you and your family, and because of this today we will highlight the meaning and importance of having short term disability insurance.

What is short term disability insurance?

As we mentioned in some of our previous articles, short term disability insurance is a type of insurance plan that pays you a certain percentage of your wage in case you become unable to work due to a disability.

Types of short term disability insurance

You can get short term disability insurance through group plans (group coverage) or individual plans (individual coverage).

In most cases, group coverage is provided by your employer and covers all or a group of employees. The amount of the benefits and the price of the insurance policy depends on the type of job the employee/s do, working hours, salary, and the employment period. When the employment stops, the short term disability insurance stops as well.

On the other hand, individual short term disability insurance policies can be purchased separately from the employer or to get additional coverage for yourself and the insurance policy doesn’t stop with your employment.

How to find short term disability insurance for yourself

The most important thing you need to do first is to find out why you need a short term disability insurance and what type of insurance plan you need. Do you need it to cover a potential injury you may sustain during sport, hobbies or outside of work, or for medical expenses that can happen due to a disease that runs in the family?

Once you’ve decided on the type of std insurance quotes you need, next is analyzing quotes of different providers. There are many online websites that can give you a quote based on a number of questions, or you can go directly to an insurance company to get it.

Finally, based on the results you receive and the information you gather, you need to choose an insurance provider where you will buy your short term disability insurance policy.

After you’ve signed the short term disability insurance agreement, the only thing that’s left is to pay the premiums on a regular basis.

Things to remember about short term disability insurance

● Short term disability insurance plans usually cover up to 80% of your gross income.

● Disabilities usually include off-the-job injuries while those injuries that are sustained at work fall under workers’ compensation

● Most short-term disability benefits pay benefits for 30 to 120 days, with a maximum benefit period of 52 weeks. All plans have different benefits and exclusions.

● There can be some limits on the monthly payment amount of your short term disability insurance.

How to get short term disability insurance? Step-by-step instructions

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• While short term disability insurance can come as one of the benefits offered by the employer, a small percentage of the employers actually do it. This arises a need for individuals to find their own ways of protecting themselves in a case when they would need short term disability insurance. But because it’s a relatively unknown area to many, you may get confused as to what exactly needs to be filled in, when, and through which company.

That’s why, in order to help you find your way easier, I’ve made a simple 3-step guide to help you get your short term disability insurance to protect you in times of misfortune.

1. Find a provider

Before you start looking at providers outside of your company, ask if there are some short-term disability insurance plans you can get through your employer or a union. It’s a simpler way to have short term disability insurance because the premiums will be deducted from your paycheck and you won’t have to think about paying them every month.

But, if your company or union doesn’t have this option, you can go to the insurance market and find a provider that will help you get the best conditions.

The best way to find yourself a good short term disability insurance is through an agent. An insurance agent will help you compare the insurance rates between different providers and explain why some rates are higher than others. Additionally, agents know how the market works and which companies offer better conditions than others, and will give you the information you need to make a better and a more informed decision.

2. Fill an application form

Once you’ve made a decision on the insurance provider you will use, the next step is to fill out an application form for your short term disability insurance policy. If your employer’s union doesn’t offer these types of services, it can be done through your personal insurance agent.

After you fill out the application, send it to the insurance company to receive information on what the next course of action would be.

3. Pay your premiums

When you’ve finished the process of application and you’ve signed your short term disability insurance policy, you’re all set. All you need to do is pay your premiums regularly. If your short term disability insurance is through your employer, you can ask them to deduct the premium from your paycheck. Otherwise, you’re responsible to make the monthly payments on your own.

We are official agents for leading insurers across the country – names you know and trust. Our goal is to supply each and every customer with quotes from those insurance companies so that they can compare their options, and choose the right short term disability coverage quote for their needs. We’ve successfully helped thousands of clients do just that.