Aim: What is the purpose of disability insurance? Do Now: Date: Friday, May 9, 2014.

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Presentation transcript:

Aim: What is the purpose of disability insurance? Do Now: Date: Friday, May 9, 2014

Disability Insurance Kylie: Planning For The Unexpected

Vocabulary Disability The inability to perform all or some portion of one’s occupation resulting in a loss of income, due to illness or accident Disability periods are often classified as short-term (lasting up to six months) or long-term (six months or longer).

Disability insurance Insurance that pays the policyholder a percentage of his/her income for a set period of time, if the person is unable to work due to a disabling injury or illness. Generally, benefits for disability insurance are provided for the form of monthly payments. the disabled person in

Short term disability insurance (STD) Provides a benefit for a short-term disability or the first part of a long-term disability. These policies typically provide benefits for 13, 26, or 52 weeks. Long-term disability insurance (LTD) Typically provides income payments that continue for many months, years, up to age 65, or until the insured person is able to return to work.

Taking Care of Business