Why is there a need for disability insurance?
- 48% of all mortgage foreclosures are due to a loss of income from a disabling condition. (Department of Housing and Urban Development)
- 1 in 3 workers will lose their ability to work due to a disability lasting ninety days or more at some time before age 65. (1985 Commissioners Individual Disability Table A, National Association of Insurance Commissioners)
- Once a person has been disabled for 90 days, the average length of disability is 2.5 years. (1985 Commissioners Individual Disability Table A, National Association of Insurance Commissioners)
- Medical conditions that were once fatal may now result in a long-term disability.
- At age 35, there's a 1 in 3 chance you will be disabled during your career. ("Why Disability" published by National Underwriter)
- At age 42, it is four times more likely you will become seriously disabled than you will die during your working years. ("Why Disability" published by National Underwriter)
- Men have a 43% chance of becoming disabled during their working years; women have a 54% chance. ("Why Disability" published by National Underwriter)
How long could you pay your bills if you became unable to work due to a disabling condition?
Disability Insurance Protects Loss of Income to Help Pay For:
- Mortgage or Rent
- Utilities
- Insurance (Life , Health, Property, Auto)
- Food
- Transportation
- Education
- Clothing
- Taxes
- Medical Expenses
- Home Maintenance
- Entertainment
- Gifts
- Other Expenses
Options to consider when choosing a policy to meet your needs.
- Non-Cancellable Coverage
- Guaranteed Renewable To Age 65
- Elimination Period
- Definition Of Total Disability
- Residual Disability Rider
- Cost-Of-Living Adjustments
- Social Insurance Rider
- Automatic Benefit Increases
- Business Overhead Expense Policy - For business owners.
- Professional Overhead Expense Policy - For business owners with employees.
Business Overhead Expense Policy
Reimburses the expenses of operating a business if you are disabled and cannot work. You could be reimbured for the following expenses, in the event of total disability:
- Mortgage or Rent For Business
- Utilities
- Real Estate Taxes
- Rent or Lease of Equipment
- Installemt Payment of Debts
Professional Overhead Expense Coverage Policy
Designed for professionals in private practice. Covers salaries of employees who are not members of the insured's profession, in addition to the expenses of the Business Overhead Expense Policy.
Issues to consider when choosing an individual policy.
- Do you have disability insurance through your employer?
- Unlike an employer-sponsored plan, you take the policy with you when you leave a job - you pay the premium, you own the policy.
- Disability insurance premiums paid with after-tax dollars provide tax-free income while you are unable to work.
