With open enrollment season upon us, you’re likely weighing the pros and cons of a variety of potential voluntary benefits and the likelihood of whether or not you’ll need them. There’s dental and vision coverage, term life insurance, death and dismemberment policies, and much more to consider. And, while you’ve likely given some thought to carrying coverage in case you ever become disabled for an extended period of time, there’s another option you should also consider: short-term disability insurance.
Unlike illnesses and injuries that put you out of work for months or even years, short-term disability insurance covers those that prevent you from working for as little as 15 days (up to as long as 26 weeks, depending on your particular plan). With short-term disability, you’re covered for injuries (whether work-related or not), illnesses, and even conditions like pregnancy. It will also help fill in the gap between the trigger event and the point at which your long-term disability coverage kicks in.
It’s important to note that disability is quite common. In fact, according to the Council for Disability Awareness, about a fourth of today’s 20-year olds will likely become disabled at some point before they retire. We know it isn’t fun to think about. But like many potential risks in life, it’s one that can be managed with proper planning and precautions. Contact us if we can help you better understand how this coverage works and which options are right for you.