Disability insurance is as important as
life insurance, but is the one most overlooked. Disability
creates enormous financial and emotional pressures for the
family because the role of the disabled adult in the family
would dramatically.
Please let us contact you:
Just fill out
the form below and
licensed agent will contact you same business day. Thank you.
The risk of becoming disabled is very high. More than
30% of all U.S. employees between the ages of 35 and 65 will
become disabled for 3 months or more in their lifetimes. As a
result the money that has been set aside for goals such as
college or retirement will be depleted in case of disability.
Disability insurance provides protection against the loss
of income that could result if a disability prevents you
from working and earning a living.
You can't buy all the disability insurance you may need.
Usually you can get a maximum of 70% of your monthly earned
income before taxes. (Unearned or investment income does
not qualify because it continues even if you are disabled.)
You cannot get more coverage than that because the insurance
company does not want to deter you from returning to work.
To be eligible, you must have been actively performing
the duties of your occupation on a full-time basis (working a
minimum of 20 hours per week).
Definition of disability used in the policy is very
important - whether it is “own occupation”
(inability to perform the duties of your specific occupation)
or “any occupation” (inability to perform
the duties of any job for which your education and training
make you qualified).
Waiting periods can range from one week to two years,
and the longer you wait the less your disability policy will
cost.
The benefit period can range from six months to life,
depending on what you choose as well as what your insurance
company is willing to offer you. Of course, the shorter the
benefit period, the less disability insurance costs.
Disability Insurance Tips:
Get the highest monthly benefits for
which you can qualify.
Get “own occupation” coverage for life.
“Any occupation” coverage might force you into a new line of
work.
To lower premiums get the longest waiting
period you can afford.
Get coverage for the longest benefit
period possible. The goal is age 65 or age of retirement.
