Few people are adequately prepared for a sudden or unexpected loss of income due to no fault of their own. The cause for the loss of income can take many forms. Perhaps a negligent driver runs a stop sign and strikes your vehicle, leaving you in pain and unable to work. A work-related accident can stop or reduce your earnings. A chronic medical condition can worsen to the point where you can no longer work. A long-term job can be lost due to no fault of your own. A common denominator of these circumstances is that income has stopped or been reduced while expenses remain the same or can increase. There are a number of potential sources for disability or wage benefits, depending on the circumstances of the individual. Among the most common sources of disability and wage replacement benefits include:
- Short or long term disability benefits, often provided either through an employer or via an independently purchased short or long term disability insurance policy;
- Unemployment benefits, for people who have worked for the amount of time required and who have lost their jobs due to no fault of their own;
- Social Security Disability benefits, for people who have worked for the amount of time required and who are disabled and unable to work due to a condition or conditions that have lasted or are medically expected to last for more than a year;
- A lawsuit against the negligent party that caused the loss of income;
- Workers’ Compensation benefits; and/or
- Supplemental benefits though your collective bargaining unit or employer.