When the paycheck stops due to a disability, unfortunately time doesn’t. Short Term Disability and Long Term Disability insurance from Madison National Life can help provide protection against lost wages due to disability.
Of working Americans, 5.6 percent will experience a short term disability of six months or less due to illness, injury, or pregnancy on average every year 1 . Almost all of these are non-occupational in origin 1 .
Long Term Disability Insurance typically begins where Short Term Disability Insurance leaves off, providing benefits for illnesses or injuries that have longer recovery periods.
Of working Americans, 5.6 percent will experience a short term disability of six months or less due to illness, injury, or pregnancy on average every year 1 . Almost all of these are non-occupational in origin 1 .
The most common reasons for short term disabilities are 1 :
Short Term Disability Insurance from Madison National Life typically pays 40 percent to 60 percent of weekly salary with benefits usually lasting between eight and 52 weeks.
Long Term Disability Insurance typically begins where Short Term Disability Insurance leaves off, providing benefits for illnesses or injuries that have longer recovery periods.
Given the average duration of a long term disability claim is 34.6 months 6 , the absence of emergency savings and rising medical costs has created a critical financial blind spot for many workers and their families 1 .
Long term disabilities are caused by a variety of conditions with Musculoskeletal Disorders (injuries or pain that affect the body’s movement) being the leading reason. They represent 29% of all long term disabilities 1 .
Other major causes include 1 :
Benefits from Madison National Life can last from several months to retirement age and help protect up to 60 percent of income.