Disability Insurance

Individuals are far more likely to become disabled at some point during their working career than they are of dying, yet most insurance consumers put life insurance as a higher priority than disability coverage. The ability to provide for our family is of utmost importance. Being out of work for an extended period of time can compromise intentions. Contact FIFS to explore if disability insurance is right for you.

Disability Insurance FAQs

What is the difference between short-term and long-term disability?

The difference is the amount of time you are unable to work because of a disability. For most policies, six months is the cut off. A short-term policy would apply in the first six months and a long-term policy would begin after six months.

Does a disability policy pay my normal wages?

No. A disability policy will provide a percentage of your normal wages.

If used, how long does a long-term disability pay?

It depends on the policy. Some have a set number of years that they will pay, others will pay until you qualify for Medicare.

Does a long-term disability policy pay as soon as I am disabled?

No. A long-term disability policy has a waiting period before benefits are paid. The waiting period may vary from one policy to another. It’s important to have a plan in place, such as your savings or a short-term disability policy to help during the waiting period.

Are all types of disabilities covered by a policy?

No. There are some causes of disabilities that are not covered by a policy. Each policy is unique, but some may include disabilities caused by self-infliction, war, due to incarceration, due to participation in a riot, and/or pre-existing conditions. In addition, any disability that would be covered by a Workers Compensation policy will be excluded on the disability policy because the Workers Compensation is primary.

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