Personal Disability Income
Fewer than 30% of all employers provide Group Disability Income protection. You may be able to fill that vital coverage gap with Individual Disability Income protection.
You've invested heavily in your education and profession. What's the best way to protect these hard-earned investments? By protecting your anticipated future earnings!
Your greatest asset may be your ability to earn an income! We routinely insure our homes, autos and businesses, but often overlook the one asset that makes them all possible, our incomes! Without an income, you may be forced to liquidate hard-earned assets (homes, pensions) to pay bills.
The Ideal Elements of a Disability Income Policy
- Non-Cancelable/Guaranteed Renewable – premiums cannot be increased before age 65
- Reasonable Waiting Period and Benefit Period - to meet your specific needs
- Own-Occupation Protection – and specialty occupation protection where possible
- Residual Disability – pays partial benefits when you’re working, but have an income loss
- Recovery Period – unlimited timeframe to recover while receiving benefits
- Future Increase Option – provides future coverage availability, no medicals, guaranteed
- Cost of Living Adjustment – increases your benefit when you’re out on total disability
- Automatic Increase Rider – automatic benefit increases during the early policy years
- Catastrophic Disability Rider – increases your benefit if you lose 2 or more Activities of Daily Living, as with a Long Term Care plan – up to 100% of earnings covered
- Full Mental and Nervous Coverage - with no limitations
- Group Disability Insurance Replacement Rider – If your group coverage is dropped
DISABILITY INCOME PROTECTION is important, because:
- Your lifestyle is directly tied to your cash flow
- Your ability to earn an income may be your most important asset
- If you suffer a disability, you may not recover. Who will pay the bills?
- The probability of a disability is far greater than that of death, prior to age 65
- The financial consequences to your family (loss of home/assets) can be enormous
- Nearly 50% of all mortgage foreclosures are the result of an extended disability
- 56% of personal bankruptcies are attributed to a serous health situation and 73% of these people had “good” benefits
- It’s estimated that living with a disability adds 25% to pre-disability income requirements, due to recovery and rehab expenses that are not covered and/or reimbursed by health plans
- Medical advances are curing many conditions that once were fatal. As a result, we’re living longer, but with a disability
Whether you own your business, or work for someone else, we can discuss relevant tax issues; how to best pay for, and receive the benefits. Let’s see how many of The Ideal Elements of a Disability Income Policy you qualify for and let’s customize a plan to meet your particular needs.
