Disability Insurance – Garden City NY

Hi, I’m Matthew Kryder, insurance advisor with Petschauer Insurance. Previously we discussed the common benefits provided through your employer and we shed light on the fact that most employers do not provide long term disability coverage. Which makes it all too common for households to rely solely on workers compensation or social security disability as their only source of income protection. Today I’m going to share you with you why you should not rely on these state mandated programs.
Let’s start with workers compensation. Workers Comp is a state funded program designed to replace a portion of your income should you have a work related disability. Three major limitations. One, if you become disabled, highly unlikely you’ll qualify for the benefit. Only one percent of all disabilities are even work related. Two, the benefit is capped. And three, if you’re an independent contractor or a business owner you may not even have coverage.
Moving on to Social Security disability. Social Security is a payroll, tax funded federal program. Three major limitations. One, social security’s definition of disability is so strict that only a third of all applicants even qualify for the benefit. Two, should you qualify for the benefit it’s limited. Average payout is only $1200 a month. And three, there may be significant delays in receiving the benefit. You may have to wait up to a year before you receive the first paycheck.
So in short, you should not rely on these programs to protect your future income. Which for most of us is our biggest asset. So what should you do. Give us a call, take control of your financial security, and we’ll help you understand how to properly protect your future income for you and your family. We hope these videos were helpful and we look forward to hearing from you.

Call Petschauer Insurance in Garden City NY at (516) 419 5050