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Products | Individual / Family - Disability Income
What would you do if your paycheck stopped because you were sick or injured and could not go to work?
The odds of becoming disabled during our working careers are higher than the odds of our house burning down. But certainly most of us buy Homeowner’s insurance. Most of us also buy Auto insurance, Health insurance and Life insurance. Many people are now even buying Pet insurance. But many of us never even think about insuring our paychecks. Disability Income insurance can insure that famous goose so those golden eggs just keep on coming. Components if Disability Income insurance policies:
What would you do if your paycheck stopped because you were sick or injured and could not go to work?
The odds of becoming disabled during our working careers are higher than the odds of our house burning down. But certainly most of us buy Homeowner’s insurance. Most of us also buy Auto insurance, Health insurance and Life insurance. Many people are now even buying Pet insurance. But many of us never even think about insuring our paychecks. Disability Income insurance can insure that famous goose so those golden eggs just keep on coming. Components if Disability Income insurance policies:
- Elimination Period - the period of time the insured person must wait to begin receiving benefits after becoming disabled. This is similar to a deductible in Auto or Health Insurance. Typical Elimination Periods available are 14 days, 30 days, 60 days, 90 days and 180 days.
- Benefit Period - the period of time over which the insured person will receive the Monthly Benefit Amount after satisfying the Elimination Period. Typical Benefit Periods available are 1 year, 2 years, 5 years, 10 years and to age 65.
- Monthly Benefit Amount - the dollar amount that the insured person will receive each month during the Benefit Period. The Maximum Monthly Benefit Amount is calculated by the Insurance company based on a combination of the insured’s age, monthly earnings, occupation, other Individual Disability Income Policies in force and also Employer sponsored Group Long Term Disability and Short Term Disability coverage in force.
- Riders - there are many riders available such as: Social Security Offset, Guaranteed Purchase Option, Partial Disability, Residual Disability and others.
