How does disability insurance in Salt Lake City work?
The State of Utah does not place any obligation on employers to provide disability insurance, however, industry experts recommend having it in place for yourself and key staff in your business.
As an individual, you can purchase private disability insurance if it is not a part of your employee benefits to ensure that your loved ones are taken care of should you become incapacitated by injury or illness.
Employers and individual persons can choose one of the two options:
- Short Term Disability Insurance policies whose maximum benefit period is less than two years and come with a waiting period of up to 14 days or
- Long Term Disability Insurance policies that feature maximum benefit periods that can last a couple of years or for the rest of a person’s life. These policies have a waiting period ranging from a couple weeks to several months
To start your coverage, we will require the below information from you to enable us work out the monthly or annual premium payable for your desired benefit payable:
- Your occupation
- Number of dependents
- Existing health conditions
Is disability insurance worth it?The simple answer to this question is a resounding yes. The last thing you want to do while undergoing treatment or recovery is worry about meeting your financial obligations. It will not help the recovery process much plus the disability will be hindering you from resuming work. Disability Insurance guarantees you an income of between 50-60% of your average income during periods of incapacitation to help you meet your expenses.
How much is Disability Insurance?
There are several factors that will determine the cost of disability insurance. These factors include:
- Lifestyle i.e. use of alcohol or tobacco
- The desired monthly benefit that you expect to receive upon disability
- The cover options on the disability insurance policy
Armed with the relevant information, our helpful and professional agents at Salt Lake City Insurance will help you choose a disability insurance option that suits your needs and lifestyle.
To find out more about Disability Insurance, call us today.