Disability Insurance: NO, you probably don't have it on the job
insurance is sometimes referred to as the missing piece in family
planning. It is a type of insurance that replaces a percentage of
your monthly income if you should become disabled for 90 days or
a Disability Quote Now!
fill in your profile below to obtain a competitive quote
from a licensed local professional. You
will also receive a free, online ebook copy of, "Insider's
Guide to Disability Insurance."
often think they have disability insurance with their employers.
In rare instances, disability income plans may be available from
an employer for as long as two years. Beyond that, if the disability
is "total," you can apply for social security disability and receive
the same benefit that you would be entitled to if you were of retirement
age. That amount is based on what you have paid in to Social Security
and is always much less than your regular paycheck. Personal individual
disability insurance will give you money to keep paying your bills.
Many disabled people
are able to do "something," just not their regular job. Often, it
is possible to retrain for a job that accommodates the disability.
However, your employer is not likely to pay for this, and your family
needs an income while you are re-training. Many disability income
policies will replace your income while you train for a new job
providing your job loss was caused by the disability.
If you are unable to
return to any type of gainful employment, you will soon exhaust
any sick leave or "long term" disability your employer may offer.
It can take 2 to 4 years to begin receiving social security disability.
By that time, your family could be homeless. Private disability
insurance can fill the gap while you explore other options. And
if you never receive social security disability, a private plan
will pay until you reach 65 and are eligible for Social Security
Remember, if you are
under 42 years old, your chances of becoming seriously disabled
are four times greater than dying. Furthermore the average age of
all disabilities lasting longer than three months is two years.
Your disability could be caused by an accident or—even more
likely today, a disease such as heart disease or diabetes.
is also called "Income Replacement Disability Insurance." You can
activate your policy when you are unable to perform the duties of
your regular job and expect to be disabled for at least 90 days.
The amount you can collect is determined by your average salary
over a three year period, on the percentage you choose via your
premium, and on the danger classification of your job. You can choose
to collect from 40% to 80% of your salary. The money comes directly
to you and is tax free.
Contact a reputable agent
who can explain his company's policies today. You want a policy
that waives the premium when you have to use it and that is guaranteed
renewable regardless of how many times you have to use it. You also
want it to continue to age 65, if necessary, and to continue even
after you qualify for social security disability. You can use our
online service to
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