NJ Disability Insurance
Most people understand the need to insure their material possessions, like their homes and cars. Many of these same people, however, don’t insure their most valuable asset – their ability to work and earn income.
If you become sick or are injured and are unable to work, will you be able to continue to pay your bills and maintain your standard of living?
If you depend on your income to pay your bills, you should consider the benefits of enrolling in a NJ disability insurance program. Whether you choose a short term disability benefits package or a larger-scale disability income insurance policy, the coverage that you’ll receive can help you pay your bills by supplementing some of your income. Additionally, safeguarding your income with a disability insurance policy can help you maintain your current lifestyle and help protect you and your family from falling into large amounts of debt.
According to the Social Security Administration, studies show that a 20-year-old worker has a 3 in 10 chance of becoming disabled before reaching retirement age. Of course, the chances that any one individual will be disabled before retirement depends on many factors, including age, general health, and occupation.
After the waiting period – a set amount of time after the disability occurs – the NJ disability insurance policy will begin paying you a portion of your income. This percentage is usually no more than 70% of your normal income. They will continue for the duration of your disability or until the time limit stated in the policy has been reached.
Comparatively, a short term disability benefits package will pay benefits anywhere between 13 weeks to two years after the disability occurs. Short term disability is also commonly known as sick leave. People use this type of insurance policy not only when they are injured, but also when they have a child. Claims due to pregnancy make up as much as 30% of the total short term disability claims, on average. A NJ short term disability insurance package typically pays between 50 % and 60% of your salary, if you get disability through your employer. However, supplemental and individual policies will often offer higher benefits, as much as 80% of your income.
The price of a NJ disability insurance policy depends on a number of factors, including your occupation, age and various health factors. Contact us today to see how we can help find the right disability policy for you!
