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Disability Insurance |
MarketWatch
May 14
Comment
Have you tried to buy a house or refinance your mortgage lately? It isn’t easy — lenders are getting ever more demanding when it comes to verifying borrowers’ ability to pay. Read that story, plus find out why it makes more sense to buy your...
MarketWatch
May 14
Comment
Disability insurance isn't on the radar for most Americans, but many workers may come to rue that lack of awareness. One in three employees aged 35 to 65 will be out of work due to injury or illness for three months or more at some point in their...
The Australian
May 8
Comment
THE Gillard government is restructuring the $10.6bn mining tax to provide more social benefits, including the National Disability Insurance Scheme.
Insurance Journal
Apr 25
Comment
Petersen International Underwriters has launched a specialty disability insurance plan that features a 10-year benefit period. “Prior to this new plan, the longest monthly benefit period that the market supported was 7 years,” explains Mark...
New York Times
Apr 25
Comment
Disability insurance takes too many workers out of the job market prematurely. It reduces their lifetime income and, to top it off, slows economic growth.
BusinessWeek
Feb 24
Comment
The liquidator of Bernard Madoff’s firm said the New York Mets owners were so “hooked” on money from the con man that they used it in place of disability insurance for the baseball team and to fund players’ deferred- compensation plans.
Insurance Journal
Feb 23
Comment
Starr Indemnity & Liability Co. has introduced white-collar disability insurance for high-net worth individual and corporations. The carrier will underwrite the coverage for the program in conjunction with Pro Financial Services (PFS), a...
BusinessWeek
Feb 11
Comment
The New York Mets owners were so “hooked” on money from Bernard Madoff that they used it in place of disability insurance for the baseball team’s players and to fund players’ deferred-compensation plans, said the liquidator of the con...
Insurance Journal
Jan 26
Comment
The Professional Riders Organization will start offering their members accident and disability insurance through a new policy designed with the assistance of Wells Fargo Insurance Services, AmWINS Group Benefits and underwriter Zurich Insurance....
The Globe and Mail
Jan 19
Comment
Disability insurance can protect your income if you suffer an accident or disability
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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:
- Requesting a quote
- Filling out and application
- Scheduling a physical
- Waiting for insurance companies to review your application
- Getting approved
Companies that Sell Disability Insurance
- American International Group (AIG)
- Assurity
- Berkshire
- Boston Mutual
- Guardina
- The Hartford
- MassMutual Corporate Investors (MCI)
- MetLife (MET)
- Mutual of Omaha
- Principal Financial Group (PFG)
- Union Central
- Lucido Morris
New York LIfe Insurance Co
References
- ↑ Guide to Individual Disability Income Insurance, America's Health Insurance Plans, 2007
- ↑ Protect Your Income, Disability Statistics
- ↑ Sound Financial Plan, MDRT
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