The Importance of Disability Insurance

A disability is a sickness or injury which interferes with your ability to work. According to a Harvard study, 62 percent of all personal bankruptcies in 2007 were due to an inability to pay for medical expenses. The statistics are alarming. Nearly one in four Americans will become disabled before they retire. It’s enough to have to look twice for discarded banana peels and open manhole covers before you walk down the sidewalk. But, it wouldn’t do you much good. The reality is accidents don’t cause most disabilities. Instead, back injuries, cancer, heart disease and other illnesses are usually to blame. And that’s precisely why disability insurance should be a core component of your financial life.

When you fall ill or are injured in an accident, you have enough on your mind without having to worry about where your income will be coming from. With disability income insurance, you may not have to worry at all about financial concerns.

The Cost of Disability Insurance

Disability insurance is priced according to a number of factors. Some of these include: the elimination period, benefit period, age, optional riders, premium structure, occupation class, gender, state, health, amount and type of coverage, and benefit amount. As a rule of thumb, you could expect to pay between 1-3% of your annual income for a quality disability insurance plan.

Disability insurance is one of the most vital pieces of your financial plan. If you have not secured a solid income protection plan through disability insurance, your entire financial future may be in jeopardy.

Supplemental Disability Insurance

A supplemental disability insurance policy will often times have a more comprehensive definition of total disability, a significantly better residual disability rider, and can also help protect against inflation with the addition of an optional “Cost of Living Adjustment Rider”. Individual disability is also portable and can be carried with you from state to state and job to job.

The Underwriting Process

Very few people can sail through the underwriting process. It’s not easy to obtain maximum coverage at competitive rates. However this is what we do every day. Our experienced disability team will work with the underwriter to provide the best disability coverage available from the insurer. We have the experience and knowledge of the many underwriters out there to help even the most difficult cases get disability insurance.

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Do not hesitate to give our office a call to discuss your medical history. We will tell you up-front whether or not you are likely to be a candidate for a personal disability insurance policy.

Ready to get started? Contact us today!