Elliot Glass Coral Springs Insurance

Protect Your Income with Disability Insurance Plans in Florida

2025-10-20

Protecting your income with disability insurance plans in Florida can be a crucial step in staying financially stable if you become unable to work. Whether you’re a busy professional in Coral

Springs or anywhere else across the Sunshine State, disability coverage helps ensure you can still meet your financial obligations if an illness or accident occurs.

Below, you’ll find a clear overview of different disability options, how they work, and tips to help you choose the right plan for your needs.

Understand disability insurance coverage

Disability insurance is designed to replace a portion of your income when you can’t work due to a medical condition. Instead of covering a specific diagnosis, these plans focus on your ability (or inability) to perform your job. For instance, if you have a policy with an “own occupation” definition, you qualify for benefits if your condition keeps you from doing the substantial duties of your own job.

Meanwhile, an “any occupation” definition makes it tougher to qualify, because you must be unable to do any job, not just the one you’re used to. It’s a good idea to double-check how your policy defines “disability,” so you know exactly what triggers a claim.

Decide between short and long term

When weighing disability policies, you’ll notice two primary types: short-term and long-term disability.

Short-term disability (STD)

Often covers you for 90 to 180 days, sometimes up to 24 months
May pay up to 100% of your base salary during the coverage period
Waiting periods, measured in days, vary by policy
Designed to bridge the gap if you need a few weeks or months off work

Long-term disability (LTD)

Typically provides coverage after STD benefits are exhausted
Offers benefits that can last for several years or until you reach a certain age
Waiting periods may be measured in months, which is why STD can be important as a first layer of protection
Covers more severe or prolonged conditions that keep you from working for an extended period

Each type is valuable in different situations. If your condition ends up lasting longer than expected, LTD coverage can be lifesaving for your budget, especially if you’re managing a mortgage, family needs, or other ongoing expenses.

Explore key plan features

Once you know which type of disability insurance you need, consider these critical features:

Coverage amount: Most policies pay somewhere between 50% and 85% of your salary, although STD can sometimes pay up to 100%. Check if there’s a cap on monthly benefits.
Benefit period: Short-term plans generally wrap up at the 6-month mark, while long-term policies can extend for 5, 10, or 20 years, or until retirement age.
Waiting period: Both STD and LTD require a waiting period before benefits begin. Make sure you understand how long you’ll wait and plan your emergency savings accordingly.
Additional riders: Some insurers offer add-ons like cost-of-living adjustments, residual disability clauses (pays if you return to a lower-paying role), or business overhead expense coverage for self-employed individuals.

Review each plan’s fine print. For example, group policies offered by your employer might end if you stop working at that company, so you could lose coverage at an inconvenient time. You might also explore private individual policies if that flexibility is important to you.

Tailor coverage for Florida needs

If you live and work in Florida, you likely know our local economy can be both diverse and dynamic. From tech to tourism, Florida offers a wide range of career paths, each with unique income-protection concerns.

Partnering with an experienced broker who understands local insurance regulations, like Elliot Glass Coral Springs Insurance in Coral Springs, can help you find a policy that fits both your job and your lifestyle.

Since 2012, Elliot Glass Coral Springs Insurance has guided Floridians through everything from life and health insurance to more specialized coverage like disability plans. Local laws, combined with Florida’s evolving job market, call for flexible options that can adapt to your unique situation.

Whether you want to protect against a short-term setback or need long-term peace of mind, the right disability insurance plan helps you bounce back financially.

Putting it all together

Disability insurance boils down to ensuring your paycheck won’t vanish if a medical condition keeps you off the job.

Balancing short-term coverage with a reliable long-term plan can give you confidence that you’ll stay afloat, even under challenging circumstances. For Floridians, particularly those supporting families, investing in a robust policy is one of the smartest ways to safeguard financial health.

Ready to learn more about choosing the right disability insurance plan for your life in Florida? Head over to our contact page and let Elliot Glass Coral Springs Insurance help you customize a policy that matches your goals.

FAQs

What is the difference between short-term and long-term disability?

Short-term includes coverage for a set period, typically 90 to 180 days, while long-term extends beyond that, sometimes for several years. Short-term helps you with immediate needs, and long-term guards against more prolonged income loss.

What does “own occupation” mean in disability insurance?

“Own occupation” means you receive benefits if you’re unable to perform the duties of your specific job. This definition is often broader and more favorable than “any occupation,” which requires you to be unable to work in any capacity.

Will Social Security Disability Insurance (SSDI) affect my short-term disability benefits?

Not usually. SSDI only applies to long-term or permanent disabilities, so if you’re on a short-term plan, you typically won’t have SSDI offsetting those benefits.

How does a waiting period work?

A waiting period is a set amount of time you must be disabled before your benefits start. For short-term policies, this might be a few days or weeks, whereas long-term policies might require a few months.

Can I rely solely on my employer’s group disability plan?

You can, but if you leave the company, you usually lose that coverage. Purchasing an individual policy ensures you’re covered regardless of your employment status.

Do I Need Disability Insurance?

2023-02-11

Many workers spend years nurturing their ability to earn a paycheck.

They complete specialized training programs, negotiate salary and score promotions. They take night classes, work overtime and find ways to make themselves indispensable to their employer.

So what would happen if they lost the ability to earn that paycheck tomorrow? What if an illness disrupted their ability to work for three months? What if a serious accident prevented them from ever working again? Would they be able to pay their mortgage? Would their kids still have a college savings account? Would they be able to retire?

"Your ability to earn an income is your greatest asset, and if you don't cover that, all of those other plans are at risk," says Kamilah Williams-Kemp, vice president for new business at Northwestern Mutual.

READ:

Alternatives to Long-Term Care Insurance.

Many people don't like to envision a life in which they become disabled and are unable to work, but there's evidence that they should consider their options. More than 1 in 4 of today's 20-year-olds will become disabled before reaching age 67, according to a fact sheet from the Social Security Administration.

For many of those workers, the presence of a solid disability plan could spell the difference between maintaining their standard of living or diving into financial insecurity. But purchasing disability insurance isn't always baked into our consumer habits, like buying auto insurance, life insurance or homeowners insurance, and some workers might assume that their workplace insurance or Social Security disability insurance will protect them if things get bad enough. Unfortunately, it's not that simple.

What Is Disability Insurance?

In exchange for regular premium payments, disability insurance commits to paying out a portion of your salary in the event of a disabling condition. "If you're too sick or hurt to work, it replaces part of your income," says Jeremy Straub, the Fort Lauderdale, Florida-based CEO of financial services firm Coastal Wealth.

Long-Term Disability vs. Short-Term Disability Insurance

Typically disability insurance is offered in two categories: short-term and long-term. Depending on the policy, short-term disability insurance replaces a predetermined percentage of your pay – typically in the 50% to 60% rage – for up to a few months if you're, say, laid up with a broken leg.

Long-term disability insurance will partially replace lost income for longer durations in the event of an injury, illness or other malady that bars you from working. Typically, long-term disability coverage has a lengthier "elimination period," or waiting period between when you cease working and start collecting benefits. This can last up six months or longer, so it's important to have an emergency fund on hand to cover months of unpaid time before your benefits start coming through.

The exact details of your disability insurance policy will be determined by the conditions of the plan and dictated by your premium, the established definition of "disability" and other factors. For an extra cost, workers can also add riders, which may pay student loan balances, replace retirement contributions or increase the amount paid out as the recipient ages.

Is My Employer-Offered Disability Insurance Enough?

You may assume that your workplace disability plan is sufficient to protect you and your family. And maybe it is. But it's important to be aware of the conditions of your employer-offered plan and the tax implications associated with it.

"A thing to think about a lot with employer-sponsored plans is how they define 'disability,' which can vary widely," says Eric Dostal, a certified financial planner and advisor at Wealthspire Advisors in New York City.

The definitions of disability run the gamut, from the most favorable version of "own occupation," which will replace a portion of income if you cannot perform the duties of your current job and typically requires the highest premium payments, to "any occupation," which means the insurer will only cover you if you can't work in any job, even if it's not the one you've studied and trained for.

So, if a surgeon broke his hand, he might be able to claim disability benefits under "own occupation" because he can't perform complex and delicate procedures without the use of his hand. But he might not qualify under "any occupation" because he could still teach at a local university or edit a medical journal without using both hands.

READ:

What to Know About Health Insurance and Coronavirus.

Keep in mind that if your employer covers the premiums on your disability insurance, you will need to pay taxes on the payments you receive. That tax liability can have a major financial impact if you one day qualify for a payout from your plan. Because of that potential tax bill, it may make sense to consider paying for disability benefits on an after-tax basis, experts say.

You also want to determine how the disability insurance your employer offers defines the income it will cover, Straub says. Does it only cover a percentage of your base pay? Are previous years' bonuses included in the calculation? If you are compensated with commissions, how do those play into the determination of your salary? If there's a shortfall between your potential insurance payout and what your family needs to live, you may want to consider additional insurance.

What Is Social Security Disability Insurance?

In general, the most restrictive definition of disability is the one for Social Security disability insurance, which all working Americans are eligible for if their condition qualifies. To receive SSDI, you must suffer from a mental or physical disability that prevents you from engaging in work for at least 12 months and meet a host of other qualifying criteria. It's a high bar to reach for many people.

How Much Disability Insurance Do I Need?

The first step in determining your disability insurance needs is to run through your regular expenses and financial habits. Ask yourself, "If I stopped getting a paycheck tomorrow, what do I absolutely need to keep the lights on?" Dostal says.

Consider your costs for mortgage payments, food, utilities and basic savings goals such as the kids' college fund. Does your spouse work, and would he or she be able to pick up the slack if you couldn't contribute financially? Once you've determined your cost of living, review your employer insurance to determine whether it covers enough.

If you don't have enough coverage, Straub says, you have three options. You can take the risk and hope you never get sick, injured or become unable to work. You can self-insure, which means setting aside enough in savings that you'd stay afloat, even without a paycheck. Or you can transfer the risk to an insurance company.

READ:

The High Cost of Long-Term Care Insurance (and What to Use Instead).

How Much Does Disability Insurance Cost?

The cost for disability insurance varies, depending on whether it's subsidized by your employer, the definition of disability, the elimination period, your age and health and other factors.

Workers who seek disability insurance on the private market will have to pass the insurer's underwriting requirements, which may consider health history, age, riskiness of occupation, hobbies and other factors.

If you're looking at the basic elements that define your premiums, Straub recommends considering these five factors:

Occupation: The riskier your occupation, the more expensive your plan will be. Unfortunately, this is not an easy factor to adjust.
Age: The older you are, the more you will pay. Again, this is not adjustable, and don't try lying.
The waiting period: The longer you wait before collecting your disability insurance, the cheaper the plan will be. If you can stretch this out and cover the waiting period with a robust emergency fund, it's worth tweaking for lower premiums.
The actual dollar amount you would receive: The more you'd collect each month if disabled, the more you'll pay in premiums.
The duration of your insurance coverage: The longer the plan, the more you pay. Disability insurance plans can cover you up to retirement age.

Who Needs Disability Insurance?

The people who typically buy disability insurance are working professionals who would need to replace income in the event of disability, Straub says. "The people who probably need it the most are people who don't have a good amount of savings," he says. But that population often can't afford the monthly premiums. Business owners should also consider disability insurance, he says.

It's worth discussing disability insurance with your financial advisor as part of a holistic financial plan. Says Dostal: "It becomes the question of the cost of insurance versus you needing those dollars for retirement savings or whatever else. It's all about structuring that balance."

Disability Insurance Broker Elliot Glass

2022-11-29

If you are sick or hurt and unable to work, it would likely have a profound impact on your lifestyle. With Disability Insurance, you can rest easier, knowing if such an event were to occur, you will have a steady source of income to offset your loss of income. The cash benefit ranges from 50% to 70% of income. Most insurance companies will not pay out more than 70% of income because there needs to be an incentive to go back to work.

WHY IS IT IMPORTANT?

It protects your most valuable asset and your ability to earn an income.

We specialize in all areas of providing disability insurance solutions. Call us today for a free consultation.

Uncover Individual Disability Insurance Plans Tailored to Best Protect Your Income. Safeguard Your Income. Learn More About Individual Disability Insurance Options. Help Protect Your Income & Family with a Disability Insurance Policy That's Right for You. Learn More About Our Affordable Disability Insurance Coverage & Get Matched to an Advisor.