Who will pay your bills if you can’t work due to an injury or a sickness? A disability policy will. Before age 65, you are far more likely to become disabled than to die yet far more people carry life insurance than disability insurance.
Disability plans are underwritten meaning the insurance company will review your health history prior to issuing a policy. This is why it is important to obtain coverage before you have heath issues. If you wait until you have an injury or medical condition, it will be too late.
If you had a machine that printed money every month, would you insure the machine? Of course the answer is yes. Well, you are the machine and it is wise to insure your income.
Disability insurance is one of the least talked about types of coverage but is one of the most important. We can provide you with a variety of options to protect your income and fit your budget.
What about Workers Compensation? If you are injured while working, your employers Worker’s Compensation coverage should pay you benefits, normally equal to 66 2/3 of our normal income. If you are not injured while working, Workers Comp will not pay benefits.
What about Social Security Disability? You may be eligible to receive disability benefits from Social Security. Typically it is fairly difficult to qualify for SSDI benefits. Even if you do qualify it normally takes quite some time to go through the application process.
What about disability coverage through my Employer? Some employers provide disability coverage to employees. This coverage may be short term disability (6 to 12 month benefits) and/or long term disability benefits (benefits longer than 12 months). These benefits may be significantly less than your current income. We recommend confirming benefits through your employers. You may want to pick up additional coverage on your own to complement your employer coverage.
What about Critical Illness Plans? Some policies cover specific critical illnesses like Cancer or Heart Disease and pay a lump sum or monthly benefit for these conditions. These plans pay for isolated conditions but are not comprehensive.