One in four of today’s 20-year-olds will be disabled for longer than 90 days by the time they reach 67. Protect yourself with disability insurance.

It’s a scary thought, but it is estimated that 25% of all people who are 20 years-old now will be disabled for at least 3 months by the time they hit retirement age. The good news is that disability insurance can be pretty inexpensive. There are two types of disability insurance–long-term disability and short-term disability. Kraft Insurance Services can help with both. Long-term disability usually has an elimination period of 90 days and pays a monthly benefit for a longer time period–sometimes until age 67. Short-term disability usually has an elimination period of 7-14 days and pays a monthly benefit for a shorter time period–typically between 3 and 12 months. If someone is deemed disabled, and approved by Social Security, they may start receiving social security disability after a waiting period. Private disability insurance is designed to not only pay sooner, but to supplement any disability payment received from Social Security. Kraft Insurance Services can help find what long-term disability or short-term disability insurance policy is right for you!

What do all of those words mean?

When you’re looking at your disability insurance policy, there are a lot of numbers by a lot of unfamiliar words. Here are some of the most common types of coverages you’ll find in a disability insurance policy:

Monthly Benefit Amount– The amount of money you’ll receive each month, after the elimination period, if you’re determined to be disabled and qualify for benefits.

Elimination Period– Like a deductible, but with time. The elimination period is how long you must wait, from the time you’re deemed disabled to the time you start receiving benefits.

Benefit Period– How long you would receive benefits, after the elimination period, if you are deemed disabled. Typical benefit periods are 6 months, 1 year, 2 years, 5 years, to age 65, and to age 67.

Own Occupation Rider– If a brain surgeon has a stroke and develops a shake in his hands, he can no longer perform brain surgery. A doctor with unsteady hands cannot perform surgery, but could still work in an office or fast food restaurant. The own occupation rider is designed to provide benefits for someone if they are not able to perform their own occupation.

Effective Date– The date in which coverage goes into effect.

Obviously, there might be different coverages needed for each person. Disability insurance needs are unique to each individual person. However, Kraft Insurance Services can get you an individualized quote on disability insurance today.

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