Life is full of surprises. Sometimes an unexpected event can occur that has consequences you couldn’t have prepared for, like getting hurt and becoming unable to work. Generally, no work means no income, and that can mean trouble – unless you’re covered by disability income insurance.
Keeping you in the black when you’re not in the pink
What is disability income insurance? Very simply, its insurance that replaces a portion of your paycheck when you’re injured or sick and unable to work. Depending on the type of insurance – short-term or long-term, for example – the coverage can last from a few weeks to years, and can help you:
- Replace a portion of your income
- Continue to provide for your family
- Avoid tapping into retirement savings to cover basic living expenses
- Stay focused on getting better
- Get back to work sooner
Disability income insurance pays you directly, so you can use the money as you see fit. It’s usually offered through employers, and the premiums may be paid by you, your employer or both. Short term disability income insurance offers coverage for several weeks to a few months. Long term disability income insurance begins when your short term disability coverage runs out and, depending on your plan, could last until you’re no longer disabled or until you reach Social Security Normal Retirement Age. When you get this coverage through an employer, you may need to meet certain conditions or complete a waiting period to be eligible.
How much disability insurance do you need?
The amount of disability insurance you need depends on your current financial situation, and whether you’d like to be prepared for a short- or long-term disability. To begin estimating the amount that’s right for you, look at your current income and expenses. How much income would you need to replace if an illness or injury kept you from work? Are you equipped through savings, insurance, or other means to handle those expense today?
With disability income insurance in place, you’ll be better prepared to take the time you need to recover from common causes of disability like pregnancy or childbirth, arthritis, accidental injury, heart disease, cancer, carpal tunnel syndrome, and more.
If you don’t have disability insurance, or if you’d like more information, including costs and complete details about coverage that may be available to you, start by talking to your company’s HR coordinator.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions, income offsets and termination of coverage will be provided in the certificate of insurance and riders. Disability Income Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY), members of the Voya® family of companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York provide only administrative services for self-funded short term disability income plans. Product availability and specific provisions may vary by state.