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Ambulances Don't Practice
More bankruptcies and home
foreclosures are due to a disability than
any other cause. Long Term Disability
(LTD) income insurance. The odds are
that 1 out of every 3 people will become
disabled for at least 90 days prior to age
65. Those disabilities that reach 90
days, on average will last close to five years. What is the longest vacation you ever took? Now extend that to a year or a lifetime. How will you, or your employees, fund it? LTD replaces
a portion of your salary up to ages 65 or 70 if you are disabled,
usually for more than three months, and
prevented from working in your own
occupation. Include a COLA (inflation) and
employment termination transfer benefit to
keep up with inflation or employment
changes. LTD may be purchased as an
individual or as a group.
Short Term Disability
(STD)
income insurance. STD replaces a
portion of your salary for the first 3
~~ 6 months of a sickness (i.e. pregnancy or illness) or
off the job injury (i.e. knee surgery or hernia) that prevents you from working and then stops when LTD begins.
Benefits usually begin after the 1st day
of an injury, or 8th day of an illness.
STD is not available to individuals,
only to employer sponsored groups. Long Term Care insurance. LTC covers the cost of a nursing home or home health aide. Most health insurance policies do not cover this, or at most for only the
first 100 days. A
nursing home can cost upwards of $ 70,000
per year. A good plan offers a group discount to employees and their extended families on LTC insurance policies.
Many, not all, group LTD plans will allow
conversion to an LTC plan upon retirement. |
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