Disability Insurance

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Insurance Journal  Sep 1  Comment 
Valencia, Calif.-based Petersen International Underwriters has named Lori Boggs a regional vice president of the firm. Boggs previously was the national account management vice president of MetLife Insurance Co. At MetLife one of her focuses was...
Motley Fool  Apr 1  Comment 
This mandatory fee is eligible for an itemized deduction in some cases.
MarketWatch  Mar 15  Comment 
I can’t find any good, specific advice about the relative merits of different disability insurance plans. Do you know where I can find this data?
WA Business News  Mar 8  Comment 
State rules out NDIS, goes its own way The $22 billion National Disability Insurance Scheme will never be rolled out in Western Australia, with the state government confirming that the original vision for the NDIS has no place in the west. The Aus
Motley Fool  Nov 7  Comment 
Thanks to Congressional action, Social Security's Disability Insurance Trust Fund won't run out of money next year.
MarketWatch  Sep 17  Comment 
Insurance is all about planning for the “what if’s,” by protecting yourself and your loved ones, against worst-case scenarios.
WA Business News  Sep 7  Comment 
The disability services industry is agitating for the state government to start early negotiations with the Commonwealth over the choice of disability services model for Western Australia, as funding flaws in the National Disability Insurance...
Motley Fool  Sep 2  Comment 
A significant number of workers pass on this insurance and that could be a mistake.
WA Business News  Sep 2  Comment 
Leading players in Western Australia's disability services sector claim the National Disability Insurance Scheme has set unrealistic cost parameters that could force up to 40 per cent of local providers out of business.
WA Business News  Sep 2  Comment 
Insurance Journal  Aug 28  Comment 
A former Los Angeles County probation officer, Robyn Palmer, 29, of Long Beach, Calif. was arrested Thursday on six felony counts of insurance fraud for allegedly forging documents to illegally collect disability insurance benefits while serving...




 
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Disability insurance guarantees a policy holder replacement income on a tax-free basis if he or she is unable to work due to illness or physical injury. Social Security, Worker's Compensation, Employer sponsored plans, and Individual sponsored plans are all different forms of disability insurance. Employees commonly undervalue disability insurance because they assume they will never need it. Unfortunately according to a recent study, most people estimate they have only a 16% chance of becoming disabled during their working years.[2]

  • Employees under age 35 have a one in three chance of being disabled for at least six months during the course of their career.
  • Men have a 43% chance and women have a 54% chance of becoming seriously disabled during their working years.[3]

Disability Insurance Plans

Disability insurance plans contain information about:

  • Definition of total disability
  • Renewability of the insurance policy
  • Residual Disability Insurance
  • Benefit Period
  • Elimination Period
  • Optional Riders
  • Policy Exclusions
  • Renewability Provision
  • Definition of Disability
  • Graded Lifetime Benefits
  • Residual Benefits
  • Cost of Living Benefits
  • Subsequent Disability Provisions
  • Catastrophic Disability Benefits
  • Presumptive Disability
  • Waiver of Premium
  • Future Increase Options

Getting Disability Insurance

If your employer does not sponsor Disability Insurance an individual can purchase a policy by:

  1. Requesting a quote
  2. Filling out and application
  3. Scheduling a physical
  4. Waiting for insurance companies to review your application
  5. Getting approved

Companies that Sell Disability Insurance

New York LIfe Insurance Co

References

  1. Guide to Individual Disability Income Insurance, America's Health Insurance Plans, 2007
  2. Protect Your Income, Disability Statistics
  3. Sound Financial Plan, MDRT
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