Send us Feedback

Disability Insurance

RECENT NEWS
Recession Can Be Risky Time to Skimp on Insurance Coverage
Insurance Journal  Jun 18 
Barry Miller figured he was saving $100 a month when he scaled back his disability insurance. After all, he was healthy. "It just looked like the policy was too expensive,'' said Miller, who ...
Tips on Purchasing a Disability Insurance Policy - Forgo it at your own Peril
Saving to Invest  May 19 
If you are like most people, disability insurance is not very high on your list when it comes to coverage you should have. Most workers take the standard (free or subsidized) disability insurance offered by their employer and if none is available,...
Marketwatch: “The Top 5 Financial Mistakes Parents Make”
Top Gun Financial Planning  Mar 1 
Melissa Ouch, a financial planner in Glenview, IL says that parents tend to make the mistake of prioritizing college savings over more important issues such as life and disability insurance and retirement: To help them prioritize, Osuch has a...
Disability Insurance
Canadian Personal Finance Blog  Oct 20 
For someone like me, who is the single bread winner in the family, with a wife and four kids (and being over 40 and still in debt), I think, it is essential that I carry some kind of disability insurance some catastrophic health event occurs, or...
Disability Insurance
Canadian Personal Finance Blog  Jun 14 
Yes indeed, another happy subject, but still an important one. Disability insurance will up your workmen's compensation or the like up to a higher level (I believe in Canada long term disability is only 50% of your pay). I pay through the nose for...
Suggest other news sources for this topic
Suggest a News Source
Topic
Top news source/blog that we're missing
Why do you recommend this news source?
Close 
Thanks for your suggestion!
 

Contents

RELATED WIKI ARTICLES

Related Articles

more ▼EditWIKI ANALYSIS
 This article is a part of Wikinvest's Personal Finance section and Guide to Investing. Please contribute or edit to improve it.
 
TOP CONTRIBUTORS
Sr. Director
John Moore
[1]

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]

[edit] 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

[edit] 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

[edit] Companies that Sell Disability Insurance

[edit] 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
Retrieved from "http://www.wikinvest.com/wiki/Disability_Insurance"
 
Worried about pump and dump?
We review changes
for stock spam
» read more
Want to make Wikinvest better?
We need your help,
contribute today
» learn how
Do you write software?
We are recruiting
the best engineers
» view jobs
Like Wikinvest?
Spread the word —
Tell your friends!
» spread the word
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki