Welcome to Charles Newman, your trusted resource for disability insurance Westchester NY. At Charles Newman, We understand the importance of protecting yourself and your loved ones from unforeseen circumstances that may disrupt your ability to earn a living. Disability insurance provides a safety net, offering financial security during times of disability or injury. In this blog post, we will explore the significance of disability insurance, its types, benefits, and why it is crucial for residents of Westchester NY.
What Is Disability Insurance?
Disability insurance covers part of your lost income if you cannot work due to an illness or injury. Unfortunately, 68 percent of non-government employees don’t have such a policy. This leaves them and their families financially vulnerable should they find themselves unable to work because they got sick or hurt.
There are two types of disability insurance: long-term and short-term. A long-term policy will cover 40-60 percent of your lost income and can last five years or more. A short-term policy covers 60-70 percent of your lost income and lasts around 3-6 months.
Types of Disability Insurance:
Short-Term Disability Insurance:
This type of coverage typically provides benefits for a limited period, usually up to six months. It serves as a temporary income replacement during the initial phase of disability or injury recovery.
Long-Term Disability Insurance:
Long-term disability insurance comes into play when a disability extends beyond the coverage period of short-term disability insurance. It provides income replacement for an extended duration, often until retirement age.
How Much Is Disability Insurance Westchester NY?
In general, disability insurance costs 1-3 percent of your annual salary. If you make $25,000 a year, your policy will cost about $30 to $65 per month. A person making $50,000 annually would pay $60 to $125 a month. Long-term policies cost less than short-term policies and provide much better coverage because you never know when an illness or injury will strike.
What Conditions Are Considered A Disability?
You might think that disability coverage will only cover illnesses and injuries a worker suffers on the job. But that’s not the case. Disability insurance not only covers freak accidents on and off the job, but it also covers heart attacks, cancer, and other physical injuries that keep you from working. If you don’t think it can happen to you, think again. The Social Security Administration reports that 25 percent of 20-year-old workers will suffer a disability that keeps them off the job at some point before they reach the age of 67.
How Does Disability Insurance Work In Westchester NY?
Disability insurance works by covering at least part of your income lost because you can’t work. Once you purchase a policy, 1-3 percent of your annual earnings will be spent on premiums. If and when you do suffer an illness or injury that keeps you from working, you’ll need a doctor to confirm your disability. The insurance company will then make payouts to you until you recover and return to work. With a short-term policy, you’ll see the first payout about two weeks after confirmation. Long-term policies first payout after 3-6 months.
Choosing the Right Disability Insurance:
Coverage Amount:
Evaluate your current income, expenses, and financial obligations to determine the appropriate coverage amount. Consider factors such as mortgage payments, household expenses, and healthcare costs.
Policy Terms and Definitions:
Understand the terms and definitions used in disability insurance policies. Pay attention to elimination periods, benefit periods, and definitions of disability to ensure you choose the policy that aligns with your needs.
Work with an Insurance Professional:
Consult an experienced insurance professional who can guide you through the process of selecting the right disability insurance policy. They can provide valuable insights and help you make an informed decision.
Benefits Of Using An Insurance Broker For Disability Insurance
Sometimes, finding the best disability insurance policy can be a chore. But you don’t have to go it alone. An insurance brokerage firm like Charles Newman Co., your reliable employee benefits provider Westchester, NY, has years of experience securing disability insurance policies for workers, whether you work as a window washer, a salesman, or an IT guy. No matter where you work, disability insurance provides a lifeline during a time when you need to focus on recovering rather than having to worry about paying the bills. An insurance broker will also do all the legwork for you so you can spend your time elsewhere.
Contact Charles Newman Co. Today!
At Charles Newman, we recognize the importance of disability insurance and health insurance in Westchester NY. It safeguards your financial well-being and provides peace of mind during challenging times. Whether you need short-term or long-term disability coverage, our team is dedicated to assisting you in finding the right policy to protect your income and maintain your quality of life.
Disability insurance Westchester NY is not hard to come by. Charles Newman Co. has relationships with five dozen insurance companies and years of experience providing insurance to employers and employees. To learn more, call our office in Peekskill at 800-508-9235 today!
