AFLAC Short Term Disability (Maternity) Insurance?
Posted on Mar 25, 2008 under Insurance Information |I am starting a new job in May and getting married in October. My new employer offers short-term disability through AFLAC but no maternity leave. We are planning to start a family in 2-3 years (1.5-2 years after marriage). Although we will be able to save money to cover salary lost during maternity leave, I wonder if it is worth it to sign up for AFLAC as well. Should I be signing up so soon? I believe there is generally a twelve month period before STD benefits can be recovered. Has anyone had experience with this? How did you feel about AFLAC STD for maternity leave?
March 25th, 2008 at 7:29 am
Sign up for it, but not for the reason of maternity. You never know when you will be in a car accident, break your leg or otherwise be unable to work temporarily. Sure, you can plan for maternity, but can you plan for other events? If you would lose your home if you were unemployed for 2-3 months due to injury, you really need short-term disability.
My relative just got back to work 2 weeks ago after being injured just before Thanksgiving. Fortunately, for him, his injury was AT work so he got Worker's Comp. The same injury out of work and he would have had no pay once he had exhausted sick pay and vacation.
March 25th, 2008 at 7:29 am
Disability insurance is always a good idea, whether or not you think you will need it for maternity leave. You have to consider what the financial impact would be to your family if you were out of work for several months because of an accident or illness. Disability coverage makes sure that your finances aren't ruined in the event that happens. And certainly if you expect to need it for maternity leave, you should take advantage of the fact that your employer offers it.
If your employer will just deduct the amount out of your paycheck, you can opt for that, and you won't even miss the money if you never see it. The advantages of doing that over trying to save the money yourself are that you KNOW the coverage will be there for you, it covers you for things other than just maternity leave, and the contributions should be pre-tax money (double-check with your employer about that).
March 25th, 2008 at 7:29 am
YES!!!! When I signed up 2 yrs ago my AFLAC rep explained to me that you had to have the pocily active for 10 months to use for pregnancy specifically. Good luck and congrats on so many new and exciting changes!!! BTW I am going to be using my AFLAC STD benefits in Nov. baby on board!!!!
March 25th, 2008 at 7:29 am
Great question, and these people below are absolutely right. I'm a representative for Aflac, and there's no insurance more important than short-term disability. Your most important asset is your ability to earn a living, and without that, most of us would be in trouble. If you are not just working for shopping money, but because you need the money, the $6-10/wk you might pay for the insurance is well worth it if you ever need it. With regards to pregnancy, there is a 10-month waiting period for maternity leave from the effective date of the policy. Also, this type of insurance should NEVER be pre-taxed, simply because if you're not taxed on it now, you will be taxed on the benefit received (Which is only up to 70% of your gross income anyway). Because it's not pre-taxed, you're not locked into keeping it for the full year like the other products. So, worst case scenario, if you guys get into a financial crunch, it can be cancelled at anytime. Hope this helps!
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YES!!!! When I signed up 2 yrs ago my AFLAC rep explained to me that you had to have the pocily active for 10 months to use for pregnancy specifically. Good luck and congrats on so many new and exciting changes!!! BTW I am going to be using my AFLAC STD benefits in Nov. baby on board!!!!
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