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Understanding The Importance Of Disability Insurance

Did you know? Less than half of Americans have enough savings to last three months in the event of an emergency.1

Disability Insurance Icons

But as an ACS member, you have access to robust group disability income insurance that can replenish lost wages if a covered injury or illness prevents you from earning a paycheck.



I'M READY TO APPLY

PLAN DIFFERENCES

The ACS Member Insurance Program offers two different disability insurance options:

Short-Term Plan
This plan is primarily designed to cover temporary disabilities lasting two years or less.

  • Start receiving benefits on the 31st day after the onset of a disability.
  • Benefits are paid for up to 24 months while you remain totally disabled.
  • For a disability starting on or after your 67th birthday, benefits will reduce 50% and are payable for 24 months or until your 70th birthday—whichever occurs first.

Long-Term Plan
This plan is primarily designed to cover lengthy disabilities lasting two years or more.

  • Start receiving benefits after the waiting period of your choice (30, 60, 90, 180, or 365 days).
  • If your disability starts before your 67th birthday, you'll receive benefit payments until your 67th birthday or for 24 months—whichever occurs later.
  • If your disability starts on or after your 67th birthday, your benefits will reduce by 50% and will be paid for 24 months or until your 70th birthday—whichever occurs first.

Here's a statistic to consider when you're thinking about how long you may want coverage for: the average length of a long-term disability claim ranges from 2.1–3.2 years (range dependent on age).2

That's longer than the benefit duration of our short-term plan. But for some people, the 24-month option makes more financial sense. If you have enough money in savings to comfortably get you through a potential disability lasting longer than 24 months, the lower premiums in our short-term plan can put you ahead.

You don't have to worry about the same time constraints with the long-term plan, but the tradeoff is paying a little more each billing cycle.

If you want to cover yourself from every angle, you can have both a short-term and long-term plan at the same time. Doing this takes the timing and guesswork out of the equation.

FEATURES AND HIGHLIGHTS

Our disability coverage provides the following:

  • Up to $10,000 per month in benefits3
  • Portable coverage, giving you the freedom to change jobs without losing your policy4
  • Protection up to age 70
  • Ability to serve as primary coverage or as a supplement to existing employer-provided coverage
  • Residual benefit providing you with continued income replacement after you've returned to work if certain conditions are met
  • Optional feature to make sure your coverage keeps pace with inflation

It is also important to note what the definition of total disability is. You'll start receiving benefits from this plan after your designated waiting period is over from the date you become totally disabled.

Total disability is defined as:
"An incapacity that completely and continuously prevents the insured from doing the material and substantial duties of their regular occupation during the waiting period and during the next 60 consecutive months; and thereafter, the incapacity to do the material and substantial duties of any occupation for which they are or may become qualified by reason of education, training, or experience."

EVERY DAY WITHOUT COVERAGE IS A RISK

When you're too injured or sick to work, disability insurance can be a real lifeline. Taking away the added stress of financial uncertainty lets you focus on recovering and–hopefully–getting back to your regular way of life sooner rather than later.

If you don't yet have disability insurance, consider applying now. Your income is too important to leave to chance.

READY TO APPLY? HERE'S HOW.


Visit our online application portal and select "Group Disability Insurance" when presented with product options.

Choose your plan duration and benefit amount.

Finish answering the questions and submit.

ACS Group Disability Insurance is backed by a society you trust and an insurance carrier with over 175 years of experience rated A++ for financial strength by A.M. Best.5

QUESTIONS? LET US HELP.

1Velasquez, Francisco. "Over half of Americans have less than 3 months worth of emergency savings." CNBC, 2021

2El, Aten-Re. "95+ Disability Insurance Stats & Disability Facts (2021)." Simply Insurance, 2022.

3Monthly benefit amount cannot exceed 60% of your monthly income.

4So long as you remain an ACS member in good standing and pay your premiums when due

5New York Life financial strength rating currents as of 10/13/21


New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the benefit details sections for current availability. New York Life Insurance Company's state of domicile is New York, and NAIC ID# is 66915.

The complete descriptions of the ACS Group Term Life Insurance Plans are contained in the Certificates of Insurance, including features, costs, eligibility, renewability, limitations, and exclusions. Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy GMR-G-29204/FACE, GMR-G-29200/FACE and GMR-G-20205 FACE. Brokered and serviced by Pearl Insurance Group, LLC, Peoria, IL.