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Disability Insurance

Many people purchase life insurance and believe they have properly protected their spouse, their family or their business. However, far too many of us fail to address how we would replace our income if we were disabled.

Before the age of 65, the chances of you becoming disabled for ninety days or more is twice as high as the chance of your premature death. Even with these statistics, many people still do not take the time to review their disability insurance options.

At our agency we have seen how an individual’s disability can become a major financial and emotional hardship for everyone involved. That is why we like to speak with all of our clients about Disability Insurance.

Individual disability income insurance helps protect a portion of your income and provides financial protection if you become disabled for an extended period of time. Anyone who depends on their income to pay the bills or maintain their lifestyle should consider disability income insurance protection.

Here are some factors to consider when purchasing Disability Insurance:

  1. Does your employer provide you with any Short Term and/or Long Term Disability coverage at work? If yes, use your employer's coverage as a supplement to what you need to buy on your own. Your employer's coverage should only be used a supplement because when you leave your employer, your disability coverage with then will cease.
  2. What is the monthly income you need to replace? Please note - most companies will provide a Disability Limit up to 60% to 70% of your taxable income. However if you are disabled, the money you receive from the insurance company will not be taxable.
  3. What is the policy's definition of Disability? This is extremely important because it will determine when the insurance company will start paying you the disability benefit designated within the policy.
  4. What is the waiting period within the policy? The longer the waiting period the less expensive the policy can be.
  5. How long will the policy pay out? If you are disabled, the number of years you receive the disability benefit will be designated within the policy. The shorter the benefit time frame the less expensive the policy will be.

Our professionals have the experience and the knowledge to identify your needs, evaluate your options and provide a policy that will satisfy your needs. Our simplified approach includes:

  1. Identify your need for Disability Insurance.
  2. Establish the Monthly Disability Limit and the Waiting Period.
  3. Obtain quotes from the various insurance companies and determine the best insurance company based upon underwriting guidelines, pricing and the financial rating of the insurance company.
  4. Submit your disability insurance application.
  5. Following the approval of your application, deliver and review your policy.
  6. Review your Disability Insurance needs every 3 to 5 years.

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