May is Disability Insurance Awareness Month and we here at Nevada Silver Insurance, along with many other agencies across Nevada, are placing an emphasis on protecting your income.
What is Disability Insurance?
According to the Nevada Department of Insurance, disability insurance is a company’s ability to replace a portion of your salary for either a short or long-term period of time.
Most people can confuse disability insurance with workers’ compensation. However, they are not the same.
Short-term disability insurance is able to pay the policyholder three to six months of their salary. Most common short-term disabilities include broken bones, minor injures, or various incidents.
As for long-term disability insurance, that depends on the circumstances. Some policies can begin six months after the policyholder’s disability and can last for years (or until their retirement). The most common causes of long-term disability can involve heart disease, anxiety, depression, back injuries or cancer.
Hard Facts about Disability Insurance
Studies show a majority of working class Americans are not fully-aware of their company’s income protection plans.
In a recent poll taken during the COVID-19 pandemic by LifeHappens, more than 60 percent of Americans say they are not aware of their company’s policy when it comes to short-term or long-term injuries.
In another staggering statistic, more than 50% of America’s workforce say they would have to ‘dip into their savings’ to cover disability expenses.
The Importance of Protecting Your Income
The COVID-19 pandemic has changed the United States’ working dynamic for the foreseeable future. Life changed pretty quickly in a matter of weeks back in March of 2020. With a great percentage of Americans working from home, it’s important now to be prepared if you were to miss work due to an illness, injury or any other kind of disability.
The biggest lesson here is setting your and your family up for stability. Having a stable income and securing your family’s financial future should be a top priority during crises like a pandemic.
We at Nevada Silver Insurance want to make sure you’re protected. The last thing on your mind should be financial stress during an injury either at work or not.
Interested in learning more about income protection and disability protection or have questions? Our agents at NV Silver Life and Health Insurance are here to help you find the best plan for you. Contact us today!