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Disability Insurance

Disability Insurance is the least thought of insurance contract. In our opinion, it is in reality the most important. While life insurance insures your family or your business in the event you die, disability insurance takes care of you while you are laid up from an injury or a sickness. The odds of the average person succumbing to sickness or injury is far greater than that of dying. Disability insurance provides periodic income payments while you are unable to work. Your ability to work is your greatest asset. I will never get hurt. I have, I severely broke my knee while trimming trees at my house. I call it my stupid human trick. If you live an active life style or your job requires you to work in a physical manner and not behind a desk you are at risk of injury. So how much were you paid while you were laid up with a broken knee? Over the course of about eight months I received a little over $95,000 in compensation for my disability. This came from an individual disability policy and a business overhead policy. What is a business overhead policy? It is another form of disability insurance that covers expenses incurred in your business. It is basically insurance used to keep your business running while you are disabled. I will never get seriously ill. Ever heard of Cancer, Multiple Sclerosis, or even the Ebola virus. Are you absolutely sure you will not contract an air borne illness? We have millions of people traveling in and out of the United States yearly. Many people contract the latest version of the flu each year. There is no way we can say we will never get seriously ill. How much can I be insured for? It really depends on you vocation as to how much and to what degree you can be insured for. Generally two thirds of you annual income can be covered. In the insurance industry you are required to share in some of the loss. This helps prevent fraudulent claims. Doesn’t my workers compensation at my job cover me? Yes, it does . . . . to an extent. But only for a while, it will not take care of you for a long term disability. That is why many employers offer short term and long term disability and or indemnity insurance for their employees. What is indemnity insurance? Indemnity insurance covers a specific injury or illness and pays a set dollar amount for when that occurs. For instance if you are injured an indemnity policy may pay $750 for an emergency room visit.
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