Presenting Haven Disability insurance


We’re going to go out on a limb here, and say something crazy: 51 million is a lot. It’s a lot no matter what you’re talking about, but especially when you’re talking about the number of American workers who don’t have disability insurance to help protect them against loss of income if they became too sick or injured to work.

And guess what? One in four 20-year-olds will become disabled and potentially face financial hardship before they reach retirement age, according to the Social Security Administration. And guess what else? Social Security disability payments are both challenging to obtain (due to onerous eligibility requirements), and probably not enough — they average only $2,224 per month, far short of the poverty line for a family of four.

That’s why Haven Life is proud to introduce Haven Disability for individuals, a simple and dependable new product aimed at providing affordable short term disability insurance to those workers. This is short term disability insurance that makes life less hard — you can apply for it entirely online, in a matter of minutes, from any device, and learn whether you’re approved instantly. So in case you count yourself or your loved ones among those 51 million, here is what you need to know.

In this article:

What is disability insurance?

Who needs disability insurance?

What does disability insurance cost?

25-year-old woman, sales manager

30-year-old man, paralegal

35-year-old woman, graphic designer

40-year-old man, chef

Why Haven Disability?

What is disability insurance?

Short term disability insurance is an insurance policy designed to cover a portion of your income in the event that you experience an injury or illness outside of the workplace that leaves you unable to perform your job for a period of time. Generally, short term disability insurance replaces 60-70% of your base salary, starting within weeks of the onset of your disability, and lasting between a few months and a year — a crucial lifeline of support at a time when you would need it most.

Haven Disability customers can choose between 3, 6 and 12 months of coverage, and approved claims can be paid in as few as seven days after satisfying the policy’s waiting period (choose 14, 30, or 60 days) using a new, proprietary claims system. And because the individual disability insurance policy is independent of your employer, it’s portable, meaning it goes with you if and when you change jobs. (If you get disability coverage through your employer, this is typically not the case.)

Who needs disability insurance?

We will say this again because the number is so striking: 25% of American 20-year-olds will become disabled before they reach retirement age. These disabilities might prevent you from doing your current job, or prevent you from finding a new job if you lose your current one due to being disabled. 

After the year we’ve had, with a global pandemic that affected everybody thanks to a virus that could spread to anyone at any time, it’s clearer than ever how quickly everything can change due to circumstances beyond our control. 

A short term disability policy is designed to provide peace of mind knowing that you can continue to help provide financially for your family in spite of sickness or injury. Here’s why you might need short term disability insurance:

You’re the primary breadwinner: Simply put, if your family depends on you and your work for needed income — to pay the mortgage, to cover groceries, to handle education costs — you might want to consider disability insurance. 

That’s because, as the sole breadwinner, you can’t afford to lose your income — it would be devastating to your family. A disability policy can help offset the financial hardship of losing work due to injury or an illness, taking care of your loved ones during one of the most difficult times in your life.

You’re self-employed, and/or your state or employer doesn’t provide coverage: Other people who might want to consider a disability insurance policy include self-employed people, and/or people whose employer and state do not provide short term disability insurance. 

Most people who already have it get it through their employer; obviously, self-employed people don’t have that option. (And even if you think you’re covered through your workplace, it never hurts to ask.) Those who live in California, Hawaii, New Jersey, New York or Rhode Island are automatically covered by the state; the rest of us are not.

You need gap coverage: But even if you are covered, your coverage might not be enough. It also might take time to see a payout, weeks or months that could go by without income to cover your basic expenses. While there is still a waiting period that must be met before benefits can be paid, a short term disability insurance like Haven Disability can help to ensure you have the resources to cover upcoming expenses.

Your savings are low, or you don’t want to dip into them: Something else to consider: Your savings. Even if you have enough to cover six months of expenses (as experts recommend), you might not want to dip into those reserves if you don’t have to.

Disability insurance would help you cover expenses without using up your emergency fund. And if you’re among the 82% of Americans who say they don’t have that much saved up, disability insurance can provide a financial lifeline in the case of an unexpected injury or illness.

What does disability insurance cost?

With Haven Disability, monthly premiums start at as low as $10 per month, a small price to pay for the peace of mind that comes with knowing you’ll still have income in the event that you’re unable to work. Better yet, with real-time underwriting, you’ll receive an immediate decision on coverage after your application is submitted. 

The individual policy application process only takes a few minutes, meaning you could be covered by the time you’re finished reading this article. If time is money, well, applying for coverage is a great way to save a little of both.

“One unfortunate reality of the pandemic was that many workers who contracted COVID-19 were uninsured or underinsured, which created a significant financial burden to their families,” said John Latona, general manager of Haven Life. “Haven Disability offers consumers an extra layer of income protection to help them better plan for an unexpected illness or injury that prevents them from working, so they can focus on their recovery instead of worrying about recurring expenses.”

Wondering what you can pay for if you end up making a claim? Well, according to our research, 72% of people pay their monthly mortgage or rent first, followed by their groceries and utilities. In other words, the basics — the things you and your family need to get by.

Here are some examples of what you might expect to pay for Haven Disability, keeping in mind that rates vary by your age, where you live, your gender, your overall level of health (including tobacco use) and what you do for a living (because people with more physical jobs are more likely to experience an injury).

25-year-old woman, sales manager

Healthy non-smoker, WA 3 month benefit period
(14 day elimination period)$7.25$15.76$28.536 month benefit period
(14 day elimination period)$9.07$21.21$39.4212 month benefit period
(30 day elimination period)$10.76$26.29$49.58

30-year-old man, paralegal

Healthy non-smoker, MA 3 month benefit period
(14 day elimination period)$5.44$10.32$17.656 month benefit period
(14 day elimination period)$6.69$14.08$25.17 12 month benefit period
(30 day elimination period)$7.48$16.44$39.87

35-year-old woman, graphic designer

Healthy non-smoker, NJ 3 month benefit period
(14 day elimination period)$8.71$20.12$37.236 month benefit period
(14 day elimination period)$11.32$27.95$52.8912 month benefit period
(30 day elimination period)$13.53$34.52$66.15

40-year-old man, chef

Healthy non-smoker, IL 3 month benefit period
(14 day elimination period)$8.02$18.07$33.136 month benefit period
(14 day elimination period)$10.58$25.73$48.4612 month benefit period
(30 day elimination period)$12.26$30.78$58.56

Why Haven Disability?

Aside from Haven Disability being quick, easy and affordable, you mean? Well, those points are worth repeating, just in case. Again, you can apply online, from any device anywhere, in a matter of minutes, then receive an instant decision on whether you’re approved for coverage. 

In the unfortunate event that you are injured or ill, you can rely on Haven Life’s quick claims experience, which can begin paying benefits on approved claims in as few as seven days after your waiting period. You have options, with terms of 3, 6 and 12 months, and coverage ranging from as little as $500 to as much as $5,000 per month. And perhaps most importantly, it’s affordable — monthly premiums begin as low as $10 per month.

Oh, one other thing: Haven Life is backed and wholly owned by MassMutual, a life insurance company with more than 170 years of experience taking care of people when they need it most. Think of it as the best of both worlds: Easy, innovative coverage provided by a forward-thinking insurance agency (Haven Life), backed by a company with more than a century and a half of history behind it. All to make you feel safe and secure that you are covered in the case your income is lost due to injury or illness.

havenlife.com

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