Know Your Risk for Temporary Disability

(ARA) – What would happen if you couldn’t work for several months or even a few weeks? Would you be able to keep up with your mortgage payments? Could you cover your family’s daily expenses?

“I don’t think anybody anticipates this,” says Barbara Campbell, a manager in her 40s who was unable to work for two months due to a fall that necessitated back surgery. “I basically considered myself in good health before it happened.”

Campbell spent two weeks in the hospital recovering after her surgery. Unable to walk without a walker, she spent additional time in a rehab facility before she was able to return home. Even then she had difficulty moving around by herself and needed constant assistance.

Fortunately Campbell’s company had encouraged all their employees to purchase basic disability insurance earlier that year and she was covered. “All it took was a simple phone call just letting them know I was out of work, which was good since I had a lot of other things on my mind at the time,” explains Campbell.

Her policy also covered the expenses of altering her workstation to accommodate her disability when she returned to work. Her rehab staff worked with her company to design a standing workstation and arrange for other benefits such as a handicapped parking spot. “It was a number of small things, but it made a big difference,” says Campbell.

“The reality is that U.S. workers have approximately a one in three chance of becoming disabled for at least 90 days at some time during their working years,” says Richard Mucci, director of the group benefits division at The Hartford Financial Services Group, Inc. “Almost one-half of all home foreclosures are the result of a disability, and many employees are completely exposed.”

Here are some tips from the experts at The Hartford for consumers considering disability insurance:

* Know your risk: Americans have a one in three chance of becoming disabled during their working years.
* Know what you need: Determine how long you could go without income and still meet your monthly obligations.
* Know the types of coverage available: Disability insurance can be purchased through the workplace at group rates and is usually the most economical way to insure your income. It can also be purchased on an individual basis.
* If you don’t have it at work, ask for it: If your employer does not contribute toward group disability insurance premiums, ask if they will consider offering the coverage for purchase by employees on a voluntary basis.
* Look for a company that looks out for you: If you become disabled, the best-case scenario is that you will eventually be able to return to work and reclaim your livelihood and your full income. Ask about a company’s “return to work incentives” and how they can help return you to an active, productive life.
Get the information you need before something happens. “We take so much for granted,” says Campbell. “You don’t know how quickly you can lose it.”

For more information on disability insurance, and to calculate your need for income replacement, visit www.thehartford.com.

Courtesy of ARA Content