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Disability

What Is Disability Income Insurance?

DISABILITY INCOME PROTECTION insures your ability to earn a living by replacing a portion of your income (typically 60%) in the event of an illness or injury. If your lifestyle would be adversely affected by the loss of your income due to a disability, you probably need disability income protection.

How long could you go without a paycheck?
Workers’ Compensation only pays if injured on the job (only 5% of disabling illnesses and accidents are work-related).

▪ 65% of all Social Security disability claims are denied.

Employer-Paid DI coverage typically covers 60% or less of an employee’s salary; if the employee needs
to use this benefit, it will be taxed. Note: This benefit is NOT taxable if coverage is purchased by the individual.

DI coverage provides a bridge until you’re back on your feet by covering a portion of your income in the event
of a total disability. You can focus on getting better, not worrying about paying the bills.

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Things to Consider...

Benefit Period: The length of time that a policy will pay benefits. The average claim is about 5 years in length.

Occupation: How the policy defines your occupation is extremely important since there are various definitions. Some allow you to receive benefits while working in another type of occupation while others don’t consider you to be disabled if you have the ability to work in another occupation.

Elimination Period: How long you have to wait from the onset of the disability until you are eligible to receive your disability income. This period can vary, but is often 90 days.

Riders: There are typically various “riders” (options) you can purchase with your plan to cover or allow for additional scenarios, such as a Cost of Living Adjustment rider to keep up with inflation while on claim.

Protection Features: Disability policies have two different protection features that are important to understand:

Noncancellable: Policy cannot be cancelled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

Guaranteed Renewable: This gives you the right to renew the policy with the same benefits and not have the policy cancelled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

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