Disability Insurance

RECENT NEWS
Insurance Journal  Apr 2  Comment 
A high percentage —  42 percent on average — of all companies providing access to voluntary accident and disability insurance report declines in their workers’ compensation claims, according to the results of an online survey released by...
CNNMoney.com  Mar 12  Comment 
Americans with disabilities are fighting for the right to save money without getting their government benefits cut off.
Sydney Morning Herald  Feb 27  Comment 
Labor and Coalition senators traded barbs about the National Disability Insurance Scheme on Thursday, with government senators accusing the opposition of ''scaremongering'' and Labor suggesting the Coalition wished to deny support to people with...
Sydney Morning Herald  Jan 16  Comment 
The agency responsible for rolling out the National Disability Insurance Scheme could be privatised by the coalition, federal Labor warns.     
DailyFinance  Jan 6  Comment 
NEW YORK, NY -- (Marketwired) -- 01/06/14 -- The 16th Annual Conference on Litigating Disability Insurance Claims is scheduled for Jan. 23-24, 2014, at the Carlton Hotel in New York City. Sponsored by American Conference Institute, the conference...
Sydney Morning Herald  Dec 18  Comment 
Prime Minister Tony Abbott has accused Labor of trying to scare people with disability as he vowed his government would deliver the National Disability Insurance Scheme.     
Sydney Morning Herald  Dec 18  Comment 
The Treasurer may have an economics degree but in setting his cost-cutting sights on the National Disability Insurance Scheme it seems he may have missed some key lectures.     
Sydney Morning Herald  Dec 17  Comment 
The national disability insurance scheme may not be rolled out in the same form or follow the timetable laid out by Labor, as the Abbott government searches for savings to counter a bleak budget outlook.     
Sydney Morning Herald  Dec 17  Comment 
Labor wants the Abbott government to rule out capping support or slowing the rollout of the national disability insurance scheme.     
Sydney Morning Herald  Dec 17  Comment 
A rapidly deteriorating budget has forced the Abbott government to order massive spending cuts, with the National Disability Insurance Scheme now in the crosshairs.     




 
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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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