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Disability Income

When a disability leaves you unable to work for an extended period of time you lose the ability to earn income. Even though you are not earning income, your expenses will continue. Your living expenses will most likely increase due to the need for extra medical care around the house and higher overall medical expenses. This is why disability income insurance is so important and should be a priority to all working individuals. Disability income is designed to help you maintain your standard of living during times where you cannot work. The unfortunate reality is that disabilities occur more often then people think.

When you are healthy and working, it’s hard to imagine being disabled by illness or injury. The facts are:
  • One in 3 Americans will become disabled for 90 days or more before age 65.
  • The average disability is 2.5 years.
  • More then 80% of working Americans do not have disability income insurance.
  • Nearly 50% of all mortgage foreclosures are due to a disability.
  • The odds of sustaining a disability are 2 to 4 times greater than the risk of death before age 65
What would happen if your paychecks suddenly stopped because you were too sick or injured to work?

You would still have to pay all your monthly expenses like food, utilities, house and car payments. Unfortunately you cannot rely on other income sources like Social Security to help you. In most cases they don’t apply or they do not cover enough.

Being proactive can help you and your family prepare to meet your financial needs should you become disabled and unable to work and earn income. We can design a disability income plan that can:
  • Provide monthly income to help maintain your standard of living
  • Can be customized to fit your particular situation
  • Help you retain independence and dignity without burdening others
  • • Help keep your financial dreams and goals for the future intact

  • Social Security disability payments- are limited to disabilities expected to last at least 12 months or end in death. In order to qualify you must be unable to engage in any type of work.
  • Personal savings- can best be used to build a comfortable future. Add up your monthly bills, then multiply by 12 and you can see how fast substantial savings can be depleted by unexpected illness or injury.
  • Long-term disability insurance- can be offered through your employer which is a good start. Workplace disability benefits often times only cover 50% of your income and the benefits when paid by your employer are taxable to the disabled person.
  • Workers compensation only covers lost income when illness or injury occurs at or as a result of work. Most disabilities are a result of cardiovascular illness, muscoskeletal conditions, and cancer.

What is the definition of a disability?
Disability is considered either “own occupation”, which is the inability to perform the duties of your own specific occupation, or “any occupation”, which is the inability to perform the duties of any job for which your education and training may qualify you.

How much is the benefit?
Most policies have a fixed monthly benefit. The benefit does not increase over time but you can usually purchase extra coverage or cost of living increases.

When do I receive the first benefit?
There is a waiting period between the time you become disabled and the time you begin to receive benefits. Waiting periods can range from one week to two years. The longer the waiting period, the less the policy will cost.

How long will the benefits last?
The benefit period, which is how long you will receive benefits can range from six months to the rest of your life.