Unfortunately, injury and illnesses happen. They aren’t always covered by your employer, and you may not have a way to provide for you and your family in the mean time. Social Security may help, but they tend to deny up to 70% of disability claims.
We at the Charles Osburn Insurance Agency can help you determine which type of disability insurance is right for you if you live in or around Houston or anywhere in the state of Texas.
A short-term disability insurance policy covers you if you are unable to work due to a total disability such as an injury or illness. The policy provides lost income protection that allows you to pay for your monthly expenses including mortgage, rent, utilities, groceries, loans, and more.
Short term insurance policies are designed especially for a specific period of time. Many providers offer one or three year coverage periods. Your monthly benefit should you need can be anywhere from $300 to $3,000 depending on your current income, type of policy chosen, etc.
Long term insurance is similar to short term but differs as to when benefits begin and for how long. It typically begins after a designated elimination period, or waiting period. It is usually 90 days but can be up to 180 or even 360 days.
Short term and long term insurance are not designed to be used at the same time. Long term insurance may not begin for three to six months, but benefits can last for years. In fact, the average long term insurance claim lasts for about three years.
Some employers may offer long term and short insurance. However, we recommend individuals go with long term because it is less expensive when you are young and can be transferred from job to job.
