The employer can have a Florida disability insurance plan and not himself have to pay for the entire disability insurance plan. The boss should be thrilled. Great rates and coverage is available. A free Florida disability insurance online quote is just minutes away. Long term or short term Florida disability insurance is available.
Let's cut to the chase. Employees that live paycheck to paycheck would be "wiped out" by an injury. Even for those "stingy" employees who put away quite a bit of their paycheck each week, how long would their savings last if those paychecks stop even for a short term, temporary period?
Florida Disability insurance is offered by very few work places in Florida. When the paychecks stop then the 35 year old reverts back to an adolescent dependent on others. For many of us, our Mom and Dad are not there to bail us out. The closest people in our lives are our co-workers and boss. So, in effect, Joe six pack who gets disabled while water snorkeling will be coming to his former boss and former co-workers for handouts for years to come.
Florida disability insurance should be based on the following facts.
5% of your paycheck is saved for a "rainy day" yet six months of not working will eat up ten years of savings.
Workers compensation insurance coverage is for on-the-job injuries exclusively.
70% of workers will become disabled for at least 3 months between ages of 35 and 65.
14% of workers will be disabled for 5 years or more before age 65
The savings of the average Florida household is two months of paychecks.
Many serious disabilities last over 5 years - Florida is full of folks who once had good jobs.
Florida Disability Insurance is a very important need
"I am in excellent health, nothing will happen to me"
A common misconception. A car accident or simply getting sick can happen to any of us. There are numerous ways that people become disabled, temporary or long term. The numbers cut to the chase. 70% of workers become disabled for three months or longer between the ages of 35 and 65.
"Social Security is there for me"
Social Security benefits take an extended period of time to kick in. The Social Security disability eligibility requirements are that a person is unable to work at any job. So if a medical doctor would be physically able to be the night watchman at the local country club, then Social Security disability would not pay a cent.
Another point to ponder is the amount of social security payments that we are talking about. A 30-year-old earning $70,000.00 per year would collect just $19,200 per year in social security disability benefits. Try telling Joe six pack who earns 70k per year that he must now sell all his stuff and move into a small apartment with roommates.
- 1993 - 55 % of 1.4 million applications received by Social Security were denied.
- 1998 - 35% of Social Security disability claims were approved.
- An approved claim by Social Security requires at least 5 months passing by before payment.
- "Inability to perform any gainful work" is Social Security's eligibility requirement.
- 12 months is the time frame the disability must be expected to last by Social Security
"My worker compensation coverage will protect me!"
Florida is notorious for miserly payments for workers compensation. Group Florida disability insurance plans through an employer are really important yet less than 40% of companies with over 100 employees provide.
Florida disability insurance coverage. Less than 18% of companies with fewer than 100 employees provide Florida disability insurance coverage.
You worked so hard to buy your home - Protect Your Mortgage
The United States Saving & Loan Association states on it's web site:
- Approximately 3 percent of all mortgage defaults occur because the main household earner dies with inadequate life insurance.
- Nearly half (47 percent) of mortgage defaults occur because the main household earner becomes disabled and forgot to buy Florida disability insurance.
- A Florida disability income insurance policy may be the best thing that you will ever do to protect your mortgage.
"Isn't Florida disability insurance expensive?"
Not true, you will be unexpectedly surprised when you see the affordable Florida disability insurance rate quote. There are various types of Florida disability insurance plans. Many options are available on Florida disability insurance plans. 2, 3, 4, 5 year Florida disability insurance plans are available.
Temporary or long term Florida disability insurance plans are getting more and more interest from the general public every year. Self employed have to be aware that we are just human and bad stuff sometimes happen. That is why Florida disability insurance is there for you.
There is also a waiting period that can be adjusted to make Florida disability insurance more affordable. Six months waiting period is an option. After six months of disability then the Florida disability insurance company starts to pay the claim.
Life insurance plans and Florida disability insurance plans are available in a package deal. My disability insurance agents throughout Florida are well trained and really know their stuff. We are just here to help.
Here is some food for thought, a high deductible health insurance plan while adding a Florida disability insurance plan. Whatever I can do, I am here for you.