Disability Insurance: Protecting Your Ability to Earn a Living

To protect your future earning ability, disability insurance helps protect your income and pays a portion of that income if you are unable to work due to an injury or illness. Disability insurance protects anyone who relies on their income to make a living because without protecting your income, your other assets could be at risk.

The probability of missing months or years of work because of an injury or illness may not seem unimaginable when you are healthy, however, one-in-four individuals in the US will experience a disability before reaching retirement age and Peace Officers may experience periods of disability at a higher rate due to their line of work.

There are several different types of disability coverage available. Short-term and long-term disability both replace a portion of lost income up to a maximum amount. Short term disability plans usually provide benefits for a few months up to one year. Long term disability plans may provide benefits until the disability ends or until one reaches
retirement age.

As a PORAC member and through members’ participating Associations, members can access the IBT’s short- and long-term disability plans. The IBT currently has approximately 22,400 members enrolled in these Plans. On average, the IBT processes approximately 270 disability claims per year and in 2021 paid out over $5,587,000 in disability claims.

The IBT’s Disability Plans offer Associations the option of several group plans from which to choose to implement the plan that best meets their specific needs. The Plans provide monthly disability benefits of up to 66 2/3% to 70% of a member’s salary to a maximum monthly benefit of $10,000. Each of the group Disability plans also provide accidental death benefits of up to $65,000, which covers you 24/7 on and off duty and up to $50,000 for natural death benefits.

For additional information, click HERE.

Or for questions regarding disability plan coverage, contact the IBT plan administrator, Myers-Stevens & Toohey & Co., Inc. at (800) 827-4695.

Featured in the April 2023 issue of PORAC Law Enforcement News.