Disability Insurance
If you are thinking about Disability Insurance, many factors must be considered. First, the longer the waiting period before the payout begins, the less expensive the policy becomes. The definition of disability is also a primary concern. Is it defined as the inability to perform ALL the functions of your job, or as the inability to perform ANY functions? The difference is important. Wolf Agency can help you navigate these confusing waters to secure this important coverage.
Statutory
Statutory insurance is required for most employees in New York State. Currently, the employer must buy a policy providing 50 percent of an employee’s wages up to a maximum of $170 weekly. This benefit is paid for a period not to exceed 26 weeks. An employer may offer a Disability Benefit Program with broader benefits, such as the programs described below.
Short-term
Short term disability programs can be purchased by an individual, or on behalf of a group (e.g. employees). These programs pay benefits based upon three criteria. First, the individual (or group) must select a waiting period before payments begin. Second, the length of time the benefit is paid (e.g. five years, ten years) is chosen. And third, the amount of benefit payment is selected.
Long-term
Long term disablilty programs are very similar to the short-term programs, except they typically provide coverage for periods as long as up to age 65.
Individual
Are you self-employed with no disability plan? If so, this a significant risk for you and your family. Who will care for your family if you are injured and unable to work? Give us a call; we can offer Disability Insurance coverage for you – real peace of mind in a perilous world.
5820 Big Tree Rd
