|
|
Disability Insurance Becoming disabled can have devastating financial implications by stripping you of your ability
to make a living. While some people can get by without working for a few months by tapping into their savings, few people
can afford to stop working altogether for an extended period of time. That's where Long Term Disability (LTD) insurance can
help you. LTD policies provide you with income for a long period of time, such as two years, five years, or until you retire.
If you pay your own premiums and do so with after-tax dollars, your disability benefits will be tax-free. If your employer
pays for the policy, most likely with pre-tax dollars, your disability benefits will be taxable.
We have Disability Insurance plans to serve the following
Special Markets
|
|
Will clients medical histories prevent them from qualifying for disability insurance? Disability underwriting takes many factors
into account. Unlike life insurance underwriting, DI underwriting is not looking at the likelihood of your passing away, but the probability that you will be unable to perform the duties of your job. DI underwriters are looking for many things, some of which
include neck and back problems, mental and nervous condition
counseling, and the use of anti-depressants. Even with challenging medical histories, carriers are often willing to limit the benefit period or extend the elimination period to allow you
to purchase DI.
It is far more likely that you will suffer a disability than be in an auto accident or have a house fire. Statistics indicate that the chances of suffering a long-term disability of 90 days or more before an individual reaches the age of 65 are unbelievably high: a 25 year-old has a 52% chance of becoming disabled; a 35-year-old has a 48% chance; and a 50-year-old has a 34% chance. How much does disability insurance cost? There is no cookie-cutter answer to this question. Disability insurance is priced according to the elimination period, benefit period, age, occupational class, and benefit amount. It can be customized to your wants and needs. It would be safe to say that you will pay between 1-3% of your annual income for a quality DI plan. |
|
Specializing in Health, Life,
Disability and Long Term Care Insurance for Individuals, Families and Small Businesses!
|