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Disability Insurance
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Illinois Mutual, Union Central Life, Assurity, Boston Mutual  
Income protection is the foundation to a financial plan.
How long can you live without a paycheck ?

          The statistics are frightening:  During our lifetimes, we're more likely to become disabled than to die.  Yet most of us plan for the future by purchasing life insurance.  But what about the probability of becoming disabled?  Ask yourself, if you are unable to work, how long could you survive financially without an income?  Do you have substantial savings, investments, home equity, or understanding relatives?  Maybe.  For those who don't, disability insurance could be the means to financial survival.

Protecting Your Future

          Disability insurance (DI), sometimes referred to as income protection, is exactly that.  Protecting your ability to earn a living.  If you become disabled, you'll receive payments (based on your particular policy) from your insurance company.  This check will help you continue paying living expenses such as rent, mortgage, car payment, food, insurance, utilities, medical expenses and more.  You could also have additional medical costs associated with your disability that medical insurance won't cover.  Suffering a disability is devastating enough physically and emotionally.  Don't add financial devastation to an already stressful situation.  Anyone who relies on their ability to work to earn the living should purchase disability insurance.

Disability Insurance Terminology

          Policy benefits can vary, so it's important to understand what your options are.  Read your intended policy carefully and don't be afraid to ask your agent questions.  Agents want you to make an informed decision.  Remember that benefits vary according to each company so ask specifically about what is covered.  Here are some terms that you will want to familiarize yourself with:


Benefit amount is the portion of your salary covered by your particular policy.  Generally, you'll find coverage available for between 45 percent and 75 percent of your salary, with some restrictions in place for salaries over $100,000.


Benefit period  is the length of time you will receive payments from your insurance company and will vary based on your policy.  Generally, you can choose from six months, one, two, five and 10 years, or to age 65.


Elimination period, or waiting period, is the amount of time between the beginning of the disability and the time candidates who qualified to begin receiving benefits.  Generally you can choose from 30, 60, 90, or 180 days.  Under some conditions, longer elimination periods may be available.


Own occupation, or "own OCC", is a feature built into the definition of total disability.  The ability to perform specific activities related to your occupation is an important consideration.  You should know the definition of total disability in the policy you are considering.


Guaranteed renewable policies mean the policyholder has the right to renew the policy through certain age (generally 65) by paying his/her  premiums on time.  The insurer cannot cancel the policy or change the policy benefits during the guaranteed renewable.  However, the insurer  does retain the right to change premiums in a given rating class if it does so for all policyholders in that class.


Non-cancelable policies mean the policyholder has the right to renew his/her policy every year, usually until age 65.  During the non-cancelable period, the insurer cannot cancel the policy or change the policy benefits.  Further, the premiums cannot be increased


Riders are additional benefits that you can purchase with your policy.

Guaranteed Insurability Option Rider says he/she can purchase additional disability income insurance without proof of medical insurability if your income increases beyond what is currently covered by your insurance.


Partial Disability benefits are paid if you are partially disabled, not totally disabled.  This can be an option on your plan.


Surrender Value Rider returns all premiums paid, minus any benefits paid over the life of the policy at age 65.  This option offers you a win -- win situation--protection and cash back.

Click here for Things to Remember When Shopping for
 Disability Insurance
How much coverage?

          Talk with me and we'll discuss your personal  financial situation.  I can make a recommendation as to how much of what type of coverage you need.

          Please take a few minutes to complete and submit a short information form and we will search the top-rated companies to find you the best value for your insurance dollar.  Click here for a  free - no obligation -  quote.

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