Are you insuring your most valuable asset? – Your Job
Gauri Gupta July 26, 2019
You insure your car. You insure your home. Are you insuring your most valuable asset? You’re Job!
If the unexpected were to occur, would you be able to support yourself for 6 months, 1 year or possibly longer? Disability Income Insurance protects the most important asset.
Traditional policies cover 60% of income, tax-free. You determine the benefit payable. Disability policies are guaranteed to remain in force till age 70 if needed. Polices can also be written for a shorter period based upon your needs. Cost of living riders can be attached to keep up with growing incomes and time.
Benefits will begin once the elimination period is satisfied. You set the time for the elimination period. The time frame begins at 90 days and can be adjusted with 6-month intervals. Waiver of premium benefit, once the elimination period is satisfied premiums will be waived. And will continue to be waived during your continuous disability. Residual disability is part of the policy, if you can work for example 20% of the time, the policy will pay proportionately.
Disability is defined as the inability to perform the substantial and material duties of your occupation and you are not able to work. Catastrophic Benefit rider can be attached to the policy. If you are unable to perform 2 or more activities of daily living or be cognitively impaired your policy would increase based upon the amount you choose. This rider is similar to a Long Term Care Policy.
Premium is based upon the medical condition, age and job classification. Job classification is measured based upon occupation and the risk associated with such. The benefit amount is based upon income and can be adjusted to reflect your needs. To determine the cost and design a policy which best fits your needs, an appointment to discuss and a simple application begins the process. Similar to applying for life insurance, a para-med exam is performed by the insurance carrier. One can apply for life insurance at the same time using the tests taken for the disability policy.
Obtaining coverage when we are younger and healthy, guarantees lower premiums for the life of the policy.
If you haven’t insured your income in case of a disability contact us today and talk to a licensed professional.