Short term disability insurance can be viewed as five policies in one. It covers the insured in case of accidents and illnesses which most people automatically know. But it also covers pregnancy complications, normal labor and delivery, and postpartum disorders that cause an expectant and then new mom to miss work. It's a must purchase for almost every working woman planning a pregnancy. She can create maternity leave income, and security in case of complications, postpartum problems, accidents and illnesses.
1 - Accident Coverage
Many people assume that short term disability insurance is designed to replace a portion of your income in case of accidents that cause you to miss work. An insurer with ubiquitous, loud, and humorous commercials has raised awareness of this important benefit. Accidents can happen to any of us at any time, and lost income due to an accident can have serious repercussions to your ability to cover your mortgage, car payments etc. Should you get hurt and miss work due to an accident, your policy will replace a portion of your income.
2 - Protection for Illnesses
And at the same time these commercials have created the perception that accidents are the beginning and end of disability coverage. The reality is that disabling sicknesses occur almost four times as frequently as accidents. Most people when asked about the types of illnesses covered by short term disability would respond: cancer, heart attacks, strokes, etc. And they would be right. Any serious illness can stop you from being able to work for an extended period of time. Short term disability insurance will replace your income for up to two years - depending upon the policy options selected.
Many people miss that pregnancy complications, normal labor and delivery, and postpartum disorders are considered a covered sickness. Pregnancy is subject to the same benefit amount, elimination period, and benefit period as would a bout with cancer, or other illness. Coverage must begin before getting pregnant, and most policies contain a nine-month exclusion for normal delivery.
3 - Security for Pregnancy Complications
Twenty five percent of pregnancies will encounter one or more complications. Many women are ordered by their doctor to stop working in advance of their delivery date to ensure their health and the health of their baby. Short term disability will replace your income during this time.
4 - Benefits for Normal Delivery Create Maternity Leave Pay
Short term disability insurance pays a six week benefit for normal vaginal delivery, and an eight week benefit for normal c-section delivery. The income replacement benefit is a great way for women to create maternity leave pay, as the benefit for normal delivery is typically three to four times the annual premium.
5 - Postpartum Disorders Coverage
Sometimes postpartum disorders such as hemorrhaging will prompt your doctor to extend your maternity leave recovery time. Your income will continue to be replaced during this time as well.
The crucial point is that many women plan to get pregnant, and try very hard to make it happen. Imagine if you could buy an insurance policy to cover an event that you plan to occur. Insurance is for the unknown right? Short term disability insurance allows working women to do just that: buy insurance to cover a planned event - their normal labor and delivery. They are also covered for the unexpected.
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