Disability Insurance

The insurance that a lot of people don’t like to think about. Life has been around a long time. Most people understand what it is and how it works. Disability insurance is one of those products that most people think—it will never happen to me. If you think about it there are some pretty famous names out there that are disabled. For example, Christopher Reeve was disabled by an accident that broke his neck and Michael J. Fox is disabled because of Parkinsons. When it happens it is unexpected so it is a very valuable insurance product because it protects your income when you can’t work. If you are a professional or individual that earns their income by billable hours this insurance is extremely important. Doctors, Lawyers, sales professionals to name 3 examples.

Disability insurance can be multiple types. Short term disability and long term. Long term is predominately bought in an individual setting to protect an individuals income at a certain rate for a specific period of time. And there are multiple riders that allow you to purchase more income at different points of time like a cost of living adjustment. Some even have death penalties.

Applying our CPR service, Customized, Personalized and Responsive I make a recommendations specific to each client need and circumstance.

Group Disability Insurance

Disability can also be purchased in a group setting. Short term disability is something most people don’t think of. It’s also a product typically sold in a group setting. There are a few companies that do short term individual disability, but not many.

Typically it is purchased through a group and you purchase a benefit for a specific period of time with an elimination period. For example you might have a 14 day elimination period and after that the policy pays benefits for up to 3 months, or 6 months, or possibly up to a year or two.

The purpose of a short term disability policy is to help you get through a recuperation. Most people if they get sick or hurt they recuperate in 90 days or less. And that’s where short term disability comes into play. If unfortunately there is a situation where the disability becomes permanent then the short term disability policy bridges the gap to a long term disability policy so that you’re protected straight through.

Disability insurance is an important product for all. It is a life saving protection. And it really doesn’t matter what your income is as they are reasonably priced.