Your health condition can change instantly.
You may find it surprising that one out of three individuals will suffer a disability that lasts at least 90 days. Furthermore, one out of ten will be permanently disabled prior to age 65. This raises a number of serious questions. Is this a gamble you want to take? If you are sick or hurt and unable to work, how will you replace your earning power? How will your loved ones fare?
Determine the disability coverage you need.
Disability insurance replaces a portion of your income if you are no longer able to work. A typical group plan offered by an employer will replace up to 60% of a salary. Supplemental plans and individual policies often cover up to 70% or 80%. Benefits typically last for a set number of years (say five years) or until you reach retirement age. There’s also an added benefit: if you pay the premium out-of-pocket - meaning your employer doesn't cover the tab - benefits are tax free.
Determine your disability insurance needs: Calculator
Design the policy that’s right for you.
Every policy from every insurance company is different, and this is not a product where you simply shop for the best rate. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract. For example, some policies have a “waiver of premium” feature; when you have been totally disabled for three months in a row, the carrier will waive the premiums that follow for as long as your total disability continues.
Get the facts: Presentation
Call me and get the right coverage at 1.800.561.1492 or email me at: firstname.lastname@example.org