Are you banking on sick days to protect you financially?
Did you know 5.6% of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy on average every year?1 Or that the duration of the average long-term disability claim is 34.6 months (a little less than three years)?2 Do you have enough sick leave to cover that?
If you’re like many American workers, saving as much sick time as your company will allow is a form of protection. This is often a back-up plan in case you need to take a leave from work for an extended time for yourself or a loved one.
What you may not realize is that sick days only go so far. With only 14% of workers having access to paid family leave,3 many people are already required to use their personal time off (vacation or sick leave) for those unexpected events.
Have you thought about one of the many scenarios that might cause you to miss work and use all your sick leave?
- A new mom who used the time to be paid during maternity leave, only to be admitted later in the year for an appendectomy.
- A man who used it to care for his mother who is diagnosed with pneumonia, but later gets treated for a broken leg.
- A father who used sick time to take care of his sick kids, only to need it for himself when he’s diagnosed with a herniated disk and is unable to work for several months.
Though these are just a few examples, there are many instances that might require you to take a leave of absence. A disability policy may help you worry less.
Disability coverage, or income protection coverage, may ensure you receive a benefit when you unexpectedly need to take time off work for covered medical conditions. Whether you choose a short-term policy, long-term, or both, these policies may help your financial situation during difficult times.
Don’t assume your sick leave will keep you covered. Adding disability coverage may help protect yourself, your family, and your financial well-being.
Related Disability Articles
The key differences between the two types of disability insurance policies are benefit periods and elimination periods. Learn more.
Did you know your disability coverage does not automatically increase when you receive a raise? Evaluate your policy annually to ensure coverage.
If you have access to state paid medical leave, you may question if you need supplemental disability insurance. The short answer is YES.