Why short-term disability insurance is a smart investment.
If an injury or illness prevents you from working, you may assume that workers compensation will make up for your lost wages. However, you can only receive this benefit if you are injured or become sick while at work. If your current ailment does not qualify for workers compensation benefits, then you and your family would suffer due to your lack of income. To prevent this scary scenario from happening to you, you should secure the right short-term disability insurance. Here are some of the circumstances under which this coverage becomes essential.
- You’re Self-Employed
If you work for yourself, this affords you many benefits such as flexible hours and the ability to control your own career path. However, the downside of being self-employed is that you cannot rely on a safety net created by your company. This means that it’s up to you to take care of your insurance, retirement, and other benefits. If you are unable to work and earn money, then you and your loved ones would struggle financially. Fortunately, self-employed individuals can create their own safety net by securing a personal short-term disability policy to cover the money they lose while they are out of work.
- You Want Gap Coverage
Many people secure long-term disability insurance at the same time they purchase life insurance. While this is a fantastic policy to have, your coverage will not kick in until you have been out of work for weeks or even months. Securing the right short-term disability insurance will ensure that you and your family have the financial coverage they need to bridge the gap between the time of their injury and the time when their long-term disability coverage kicks in.
- Your Savings Account is Low
When people are injured and unable to work, many of them dip into their savings to take care of their everyday expenses. However, if your savings account is already low, you cannot afford to deplete it even further. This is why you should secure protection in the form of short-term liability insurance. While securing this coverage will obviously require an investment, paying premiums on a short-term disability insurance is the smarter financial strategy for most people.
This is when it pays to have the right short-term disability insurance in place. Do you have additional questions regarding your disability insurance coverage? If so, contact the experts at Randy Jones Insurance Services in Pleasanton, California. Our dedicated team is eager to assist you with all your insurance needs today.