Video transcript - Guardian’s Disability Insurance
You know why it’s important to insure your car and your home… but are you protecting your most important asset - your ability to earn a paycheck?
If you rely on your income to meet your expenses, disability insurance may be right for you.
A disabling illness or injury can happen to anyone at anytime.
In fact, just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.1
Recovering from a serious injury, such as a car accident, can take months or potentially years.
How long could you live off your savings if you were unable to work?
There are two types of disability insurance that work together to help you get back on your feet:
The first type of coverage is Short Term Disability Insurance, which replaces a portion of your paycheck in the early stages of a disability and pays you a weekly cash benefit.
The second type of plan is Long Term Disability insurance. It picks up where your Short Term disability coverage ends, and provides a portion of your income should your condition disrupt your ability to work for an extended period.
You get a monthly cash benefit, which can last up to your retirement age if you become disabled.
You’ll also have access to resources and support that can help get you back to work or learn new skills and continue to live a productive life.
How much disability do you need?
A good rule of thumb is to purchase enough Disability insurance to cover at least 50-60% of your after-tax income.2
For just a few dollars a month, you can help to provide financial security for yourself and those who depend on you.
And, purchasing disability insurance at the workplace is a simple and affordable way to get added financial protection for life’s unexpected moments.
Remember, good health and financial security begins with the benefits offered at your workplace —be sure to take advantage of yours.