Do you know the correct answers to these questions?
1. Three out of every 10 workers entering the work force today will become disabled before retiring.*
__ True __ False
2. In the U. S., a disabling injury occurs every second.**
__ True __ False
3. Unexpected illnesses and injuries cause one-fourth of all personal bankruptcies each year.***
__ True __ False
The answer to all these questions is "true."
The fact is you are more likely to suffer a disability that will keep you out of work for an extended period than to die during your working years.† Disability insurance can help protect you and your family from financial stress in the event you are unable to work due to illness or injury.
The Importance of Disability Coverage
Disability insurance is designed to protect a portion of your income if you become ill or injured and unable to work. Your district may have sick leave provisions and some disability coverage. To help ensure that you don't suffer a financial burden in the case of disability, consider applying for Voluntary Disability Insurance through The Standard.
Disability insurance through CTA-endorsed coverage from The Standard features:
Low monthly premiums that vary depending on your annual contract salary.
- Two classes of coverage: Class 1 for participants who, on the date of disability, have five or more years of credited service under either the CalSTRS or CalPERS system, or who are not participants in either system. Class 2 for participants who, on the date of disability, participate in but have less than five years of credited service under CalSTRS or CalPERS.
- Benefits of $25 per regular day of required attendance during fully paid or restored sick leave
- For first and second benefit years (Class 1 and 2), up to 75% of regular daily contract salary reduced by deductible income,†† payable for each regular day of required attendance on which you are disabled
- After second benefit year (Class 2 only), 50% of regular monthly contract salary reduced by deductible income, payable for each regular day of required attendance on which you are disabled
- No premiums to be paid during disability
- Other benefits including rehabilitation training and education expenses, child care expense benefit and survivors' benefit in certain situations.
You can apply for coverage at any time. Generally, coverage requires proof of good health and is subject to approval by The Standard. However, there are special enrollment opportunities available, including if you:
- Apply during the first 180 days of employment and are a newly hired CTA member.
- Apply within 31 days of a family status change – this includes birth, adoption, marriage, domestic partnership, divorce or other qualifying events.
- Take advantage of special enrollment opportunities, which happen throughout the year, including chapter campaigns or transferring coverage from another carrier. To learn more, visit http://www.ctamemberbenefits.org/thestandard.
What About ESP Coverage?
Coverage for Education Support Professionals through the CTA-Endorsed Voluntary Group Disability Insurance Plan includes one benefit year at 66 2/3% of regular daily contract salary, reduced by deductible income.
CTA is here to help members in their time of need. To learn more about this valuable benefit, visit http://www.ctamemberbenefits.org/thestandard. For costs and further details of the coverage, including exclusions, benefits waiting periods, any reductions or limitations and the terms under which the policy may be continued in force, please contact Standard Insurance Company's dedicated CTA Customer Service Department at 800-522-0406 (TTY) from 7 a.m. to 6 p.m. Pacific Standard Time.
† Source: The Actuarial Foundation,www.actuarialfoundation.org.
†† Examples of Deductible Income (see your Certificate Of Insurance for a full listing and exceptions): Personal Leave Pay, Severance Pay, Substitute Differential Pay, Salary Continuation, Workers’ Compensation, Work Earnings, Social Security, State Disability, PERS/STRS Benefits.