Why Short Term Disability Insurance?
Even though no one likes to think about getting sick or sustaining an injury, almost everyone makes sure to get medical insurance — just in case. But medical insurance is only designed to cover all or most of the healthcare costs an illness or injury brings — what happens to your paycheck if you can’t work for a period of time and you’ve exhausted your paid time off?
If your paycheck were to stop for a period of time, how would that affect you and your family? If you’ve never thought about the possibility, now is a good time. And if you have thought about it, but have questions, read on — you may be surprised!
Disability income protection insurance provides a benefit for short term disability resulting from a covered injury or sickness.
Benefits begin at the end of the elimination period and continue while you are disabled up to the maximum benefit duration.
Common Misconceptions
That will never happen to me.
Disability is more common than most people realize. In the last ten minutes alone, 498 Americans became disabled. An illness or accident will keep one in five workers out of work for at least a year before the age of 65, and one in seven employees can expect to be disabled for five years or more before retirement.
Accidental injuries are a major cause of disabilities, but common chronic health conditions can also limit your ability to work. In fact, the majority of long-term absences aren’t due to accidents, but to back injuries and illnesses like cancer and heart disease.
Your chances of becoming disabled increase with age, doubling from 11% for those ages 18–44 to 23% for those ages 45–64, and again at 51% for those 65 and above.
I have enough insurance already.
Very few people hesitate to insure assets like their home or car, but many fail to protect their most valuable asset of all: themselves. Disability income protection insurance will help protect your financial security in the event that you cannot work. The chance of poverty jumps from 9% for people without a disability to 27% for those with a severe disability. Unexpected illnesses and injuries cause 350,000 personal bankruptcies each year and nearly 50% of all mortgage foreclosures.
There’s always workers’ compensation.
Disability insurance covers you when workers’ compensation doesn’t. Workers’ compensation only applies to injuries sustained while an employee is at work. Statistics show that there are almost twice as many off-the-job injuries as on-the-job injuries and twice as many work days lost due to off-the-job injuries as on-the job injuries. Partial disabilities may also be covered.
I doubt I would be approved.
As long as you are eligible and enrolling during an approved time period, you cannot be turned down for this group insurance.
I don’t need it.
Many people make the mistake of thinking that if they are healthy, they don’t need disability insurance. However, just like medical insurance acts as a safety net for you in the event that you become ill or injured, disability insurance is another level of protection: it will help provide for you financially in the event that you cannot work due to injury or illness.
More Details
Eligible to Enroll: All Active Dues Paying Members in good standing and earning a minimum salary of $15,000 per year, except for any person working on a temporary or seasonal basis. Your estimated annual IATSE Local 728 income from last year's W2 is required to enroll in disability coverage.
Monthly Premiums: Rates are available for review after registering. Select "Enroll Now" to begin the enrollment process.
Benefit Amount: The benefit amount is equal to 20% of your weekly covered earnings, to a maximum benefit of $1,000 per week.
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Reliance Standard is a branding name. Reliance Standard Life Insurance Company (Home Office Schaumburg, IL) is licensed in all states (except New York), the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. First Reliance Standard Life Insurance Company (Home Office New York, NY) is licensed in New York and Delaware. Standard Security Life Insurance Company of New York (Home Office New York, NY) is licensed in all states. Product features and availability may vary by state.
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