Disability Income

cash 1257463 640x480Where will the money come from if you are disabled? Many people believe they will be covered by Social Security or workers’ compensation if they were to become disabled, but the facts are too great to ignore…

  • Less than 10% of disabling accidents and illnesses are work-related. The other 90% are not, meaning workers’ compensation doesn’t cover them.
  • Only 35% of workers applying for Social Security Disability Insurance (SSDI) claim payments in 2009 were approved.

Disability coverage provides money to replace loss of earned income while you’re totally disabled from sickness or an accident. Some highlights of the policy:

  • Worldwide, 24-hour-a-day coverage while on or off the job.
  • Choose from benefit periods of 2 years, 5 years or to age 67.
  • Waiting periods available (the number of days before benefits begin) are 30, 60, 90, 180 or 365 days.
  • Coverage is guaranteed renewable to age 67.
  • A non-smoker discount is given to those who have not smoked cigarettes for 12 months.
  • Premiums are waived retroactively after 90 consecutive days of total disability.
  • An optional Accidental Death and Dismemberment Benefit may be added for any amount from $10,000 to $100,000.

Premium rates can be changed on a class basis only. Any change will apply to all policies of this type providing the same coverage and having a common policy form number.

First Day Disability Income Benefit may be added to provide a daily income while hospital confined. Benefits will be distributed at the end of the elimination period. This benefit also waives part of the elimination period, equal to the number of days of hospital confinement.

A partial disability benefit is included at no additional premium. Partial disability must follow a period of total disability for which benefits were paid. The partial disability benefit pays one half the monthly benefit paid while totally disabled, for up to 6 months or until the end of the benefit period, whichever is less.

The odds of a person between ages 35-65 missing more than 90 days of work due to an illness or injury are one in four.

Contact our office today to learn more about this insurance coverage, and how you can protect yourself today.