The statistics are alarming. Nearly one in four Americans will become disabled before they retire. 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.
Your income is the foundation to the life you created. Without income, everyday life and plans for the future are affected. When you fall ill or have been injured in an accident, you have enough on your mind without having to worry about where your next paycheck will be coming from. Of course, if you had disability income insurance, you may not have to worry at all.
How much income replacement will I need?
Evaluate your monthly expenses to determine your risk. As a general rule, you may be eligible for a monthly benefit equal to about 60% of net salary or business income. Discuss your personal situation with your insurance professional who can provide further detailed assessment of your income replacement needs.
Can I also protect any future income increases I may receive?
Any policy issued will include a monthly benefit amount based on your current financial and occupational information. Most policies also offer a future insurability feature (or “future insurability option”) that allows for the purchase of additional coverage without the need to provide further evidence of good health.
When will I be eligible for benefits?
The language in the policy determines the conditions under which you become eligible for benefits.
Will my benefits keep pace with inflation?
Most policies offer riders to help your benefits keep pace with inflation during a disability. A cost of living adjustment (COLA) rider will adjust benefits each year while you remain disabled and eligible for benefits. COLA riders can be vital to maintaining your standard of living during an extended disability.
Growing a successful business is never a solitary affair. It takes a team of talented employees all rowing in the same direction to move your company forward. That’s why attracting and retaining the best possible talent is crucial for any growing business.
Our innovative supplemental disability income protection program provides individual disability income insurance tailored to the needs of your businesses and employees. Through this program, you can offer your employees a more valuable benefits package with greater ease and affordability than you ever thought possible. Our program complements your existing group long-term disability (LTD) coverage to protect more of your employees’ income in the event they become disabled.
For your employees:
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For your business:
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You can choose to fund your program in one of three ways: