Disability Income Insurance
Q: How much does disability insurance cost?
A: As there are many different policy and coverage options for you to choose from, the prices of the premiums vary significantly. Also, your health, lifestyle, income, and occupation will impact the premium. As a general rule of thumb, most companies will charge between 1 -3% of your income, but this can increase or decrease depending on your coverage.
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Q: How do I receive more information?
A: The concept of disability income insurance is relatively straightforward, but it’s a good idea to speak with a licensed agent if you have any questions.
Click here to receive a free quote or more information from a licensed representative today
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Q: Who should buy disability insurance?
A: Disability income insurance may not be for everyone. First, check with your employer to see if you have any benefits with them. Next, take a look at your financial situation and see if you can support your family if something were to happen. Also, if you are self employed, disability income insurance may be something to consider.
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Q: Will I ever really need it?
A: Many people are surprised as to how likely someone is to become injured or disabled. Ultimately, you will never know if you need it until you actually need it. According to the Social Security Administration, "Studies show that a 20-year-old worker has a 3-in-10 chance of becoming disabled before reaching retirement age" (SSA Publication No. 05-10029:
www.ssa.gov/dibplan/index.htm ; this statistic increases significantly with age.
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Q: How long will the insurance company pay me for?
A: The length of time you can receive benefits for after a disability occurs is for the most part entirely up to you. Insurance companies offer options that let you choose in advance how long you would like to receive benefits for, with lengthier terms increasing your premium.
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Q: How much of my salary will I receive?
A: Most companies offer options to choose anywhere from 50-80% of your income, while some will allow you to receive up to 100% of your income, which will directly affect your premium.
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Q: When am I considered disabled?
A: Most policies will consider you disabled when you are either unable to perform the basic duties of your position, or you are unable to perform the duties of a position in which you were trained and educated for. This can vary significantly depending on your coverage, so it’s best to discuss the parameters of your policy with a licensed agent.
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