When you think of insurance through your employer, you typically think about health insurance. However, according to the Bureau of Labor Statistics (BLS), there is a growing trend for employers to offer other types of insurance as well. One of those is disability insurance. In this table (although dated) provided by the BLS, we can see that both long-term and short-term disability insurance coverage has increased over the years.
As the name implies, short-term disability plans are designed to replace lost wages for a short, fixed amount of time. Ninety-three percent of private industry workers are covered by a short-term plan. Generally, coverage is about 26 weeks.
If you are among the lucky ones whose employers offer the opportunity to have disability insurance here are some reasons why you should take them up on their offer. [Read more…] about Save Money by Getting Disability Insurance Through Your Work