Unique? Do not let this cover sheet Important for You

Now here are some worrying figures. According 9th Annual MetLife Study of Employee Benefits Trends to 63% of full-time workers who are primary and unmarried employees are very concerned about the lack of money to pay the bills for a period of sudden income loss. But 60% of these single workers have no disability insurance to protect their income and pay check if an illness or injury that prevents them from working. The study also shows that more than a third of single men and over half of single women who are primary employees say they live paycheck. Have they never heard of the wage protection insurance?

What protection do payroll? It replaces part of your income if you are unable to work for a period of time due to illness or injury. Depending on the level of protection purchased, you may be able to continue paying for essential living expenses, including maintenance payments, utilities, home and car, until you are able to go back to work.

Yes, I know. It will never happen to you, just other people. Well, let's look at some numbers.

• 10% of disability claims in the short term were approved for men ages 21 to 30. The average claim duration was 40 days.
• 22% of disability claims in the short term were approved for women ages 21 to 30. The average claim duration was 46 days.
• 5% of disability claims in the long term were approved for men ages 21 to 30. The main causes were fractures, back pain and cancer. For closed claims the average duration was 32 months.
• 10% of disability claims in the long term were approved for women ages 21 to 30. The main causes are pregnancy, depression and back pain. For closed claims the average duration was 21 months.

For a more complete income protection, individuals must have both long-term disability benefits and short. short-term disability plans replace income for the first period of disability. In general, the plans provide benefits for periods of as little as two weeks to two years. long-term disability benefits help replace income for an extended period, often until the disabled person becomes 65. Social Security disability benefits are not available if a person expects to be out of work for less than a year and, if paid, will likely be deducted from group disability benefits. In addition, most causes of disability are not work-related and, therefore, are not covered by workers' compensation.

According to the MetLife study, nearly three-quarters of employers offer some type of disability insurance coverage, and as a disability insurance coverage is obviously better than no coverage, a good rule basic is to protect 60% - 80% of your after-tax income so essential monthly fees will be covered. There is no substitute for good advice, so if you do not understand your coverage or how to determine your needs, seek professional help.