Disability Insurance

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If you become unable to work, disability insurance could replace a portion of your lost income. An important distinction in polices is that some provide benefits only if you cannot do any job (any occupation disability), and others provide coverage if you cannot do your previous job (own-occupation disability).

Some insurance polices are a hybrid of the two types. For example, some disability insurance plans will provide a portion of your income if you can work part-time at your previous job, and others will not.

Disability could easily challenge your finances and disability insurance could help protect your financial future. One nice thing about disability insurance distributions is that they are usually untaxed.

Does my employer's plan cover disability?

Possibly, but the majority of disability insurance plans sponsored by employers max out at 60% or at a certain monthly amount, which may not be comparable to your current salary. Employer-sponsored program benefits nearly always trigger taxes.

Doesn't Social Security cover disability?

Not exactly; Social Security only offers limited funding to relatively few disabled individuals and does not cover any disabled person until at least a year has passed with no chance of recovery.

Special Considerations

The cost of disability insurance in depends on your profession. Disability insurance is more expensive for people with high-risk jobs such as construction work.

Think about how long you could wait to receive benefits - this is important! Most people choose 90 days, but there are usually a number of options. The longer you can wait to receive payments, the cheaper your disability insurance premium will be.

Also notice how long the disability insurance policy will provide coverage some will pay benefits for the rest of your life and others can be as short as 2 years or even less!

Your rate and benefits are secure with a Non-Cancelable disability insurance policy. While they are also renewable, Guaranteed Renewable policy rates are subject to change.

Be sure the policy can make adjustments for inflation and increasing income - $3,000 a month may seem fine now but may not seem like very much 15 years from now.

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