Disability Insurance

RECENT NEWS
WA Business News  Nov 7  Comment 
The state’s largest providers of disability services have overhauled their operations as the launch of the National Disability Insurance Scheme nears.
Insurance Journal  Oct 23  Comment 
Nick Prinzing has joined Leavitt Great West Insurance Services in the Great Falls, Mont. location and will focus on employee benefits. Prior to joining the agency, Prinzing worked as an advisor customizing comprehensive voluntary disability...
Insurance Journal  Oct 9  Comment 
The National Football League Players Association (NFLPA) has launched a new disability insurance program for its members, created and administered by Valencia, Calif.-based Petersen International Underwriters. The program will provide NFLPA...
New York Times  Sep 12  Comment 
As some employers push more of the onus for disability insurance onto their employees, here’s what you need to know to buy it on your own.
Forbes  Jun 25  Comment 
One of the biggest obstacles to entrepreneurship in the U.S. is the reality that workers lose valuable benefits like insurance when they go out on their own.  The nation's health reform has offered one route to fixing this problem, but it doesn't...
Market Intelligence Center  Jun 24  Comment 
Many of us do not always recognize the potential danger of becoming permanently disabled. The U.S. Census says that you have about a 1 out of 5 chance of becoming disabled for at least some period of time. The average duration for a long term...
Forbes  Jun 19  Comment 
More employers are offering disability insurance but fewer employees are insured.
WA Business News  May 14  Comment 
The federal government has allocated Western Australia $55 million so it can trial its own version of the National Disability Insurance Scheme (NDIS).
MarketWatch  May 12  Comment 
A senior Federal Reserve official said on Monday he believes the sharp drop in the percentage of Americans in the labor force mostly reflects more people retiring or ending up on disability insurance. Philadelphia Fed President Charles Plosser...
TheStreet.com  May 7  Comment 
NEW YORK (TheStreet) -- Workers fooling themselves about the need for disability insurance is virtually an epidemic: 64% of wage earners believe they have a 2% or less chance of being disabled for three months or more during their working years....




 
TOP CONTRIBUTORS

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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