How Long Could You Go Without a Paycheck?

Don’t let an unexpected illness or injury zap your emergency savings. Get insured today to help you pay your monthly bills.

842x474 placeholder

Share

Key takeaways

  • Disability causes nearly 50% of all mortgage foreclosures.1
  • The NEA Income Protection Insurance Plan provides disability income coverage that’s designed for maximum flexibility.

If a serious injury or illness were to keep you from working for several weeks or months, would you be able to pay your mortgage, utilities and other bills?

Yes, your major medical health insurance may pay most of the medical costs associated with a disabling injury or illness, but it probably won’t help you cover your other living expenses. Sick leave may cover shorter absences, but even substantial accumulated sick leave can end up depleted.

Did you know that nearly 8 in 10 Americans are living paycheck to paycheck?2 This can leave little money to spare to build a sizable emergency fund.

To help NEA members help protect their finances, NEA Member Benefits offers the NEA Income Protection Insurance Plan in conjunction with American Fidelity Assurance Company. Disability income insurance pays the benefit directly to you to help you pay bills that don’t stop just because you can’t work and get paid.

Disability income insurance is insurance for the unexpected, to be used when a covered disabling injury or illness keeps you from working and earning your paycheck. Note that it’s not designed to extend maternity leave, although it may apply if your doctor puts you on bed rest while you’re pregnant.

Workers’ compensation may not be enough

Disability income insurance is important because other types of disability coverage—for example, workers’ compensation or Social Security disability benefits—can be difficult to be approved for or may not provide the assistance as quickly as you need.

In fact, in 2015, 77% of injuries requiring medical attention suffered by workers occurred off the job3, meaning they were not eligible for workers’ compensation.

Will you need financial assistance?

There is a 3 in 10 chance of a person suffering a disabling illness or injury that would keep them out of work for three months or more4.

No one expects to be in any type of accident that can cause a disabling injury. Nor does one plan on emergency surgery or an unexpected illness — these issues can keep you from working for a prolonged period.

When you consider that the average group long-term disability claim lasts almost three years5, it’s easy to see how disability income protection insurance can be important. Sadly, disability causes more than 50% of all personal bankruptcies.6

Benefits of the NEA Income Protection Insurance Plan

The NEA Income Protection Insurance Plan, which is available to any member actively employed in education for at least 15 hours per week, provides disability income coverage and is designed for maximum flexibility:

  • You may apply for coverage up to two-thirds of your monthly salary or $6,000, whichever is lower.
  • The insurance coverage will begin from the 8th day of disability to the 91st, with the monthly premiums correspondingly lower depending on how long you decide to wait to start receiving payments (the Elimination Period).
  • You can pay your premium monthly, or you can receive a discount for paying on a quarterly, semiannual or annual basis.
  • We offer both long-term and short-term plans based upon your individual needs.

Read "5 Factors that Affect Disability Insurance Benefit Levels and Coverage" to find out what you need to know before you select an insurance plan.

Sign up today to help protect your future finances

 

1. Disabled World: Disability Insurance Benefits, News, and Claims; July 6, 2017. (Stat ID 2384)
2. Money Watch, August 24, 2017.  (Stat ID 2472)
3. National Safety Council, Injury Facts, 2017 Edition, p. 63. (Stat ID 2478)
4. LIMRA: 2015 Disability Insurance Awareness Month; May 2015. (Stat ID 2188)
5. Council for Disability Awareness: Chances of Disability. Web. 19 Dec. 2016. (Stat ID 2251)
6. Disabled World: Disability Insurance Benefits, News, and Claims; July 6, 2017. (Stat ID 2384)


ESB-7265-0219

Help protect your income before an accident happens