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Disability Income Insurance   

 

 

About 1 in 7 people can expect to be disabled for five years or more before retirement*. Comprehensive and efficient disability insurance solutions are vital for protecting an individual, and helping disabled persons return to work.

 

Studies show a person suffers a disabling work injury every nine seconds*. Disability plans are designed to protect an individual and their families in the event of unexpected injury or illness. The disability insurance policy will specify when you are eligible to begin receiving benefits. Typically, an individual must be unable to work for a specific amount of time before receiving disability benefits. The amount of the payments, the extent of coverage, and an explanation of precisely what constitutes a disability are enclosed in the policy. The premium for the policy is determined by a number of aspects, including the amount of the income payments, the span of payments, exactly what constitutes a disability, and individual risk factors such as the state of health and sort of employment of the insured.

Frequency of Disabling Injuries (2004)

 

* "Commissioners Disability Table, 1998," Health Insurance Association of America, the New York Times, February 2000
* National Safety Council, Injury Facts 2004 Ed.


 

VIDEO: Stop / Play  Disability Insurance 101              

How can I insure against loss of income?

 

If you were disabled and unable to work as a result of an accident or illness, what would you and your family do for income?

Disability income insurance, which complements health insurance, can replace lost income. Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65.

There are three basic ways to replace income:

 

  1. Employer-paid disability insurance
     

This is required in most states. Most employers provide some short-term sick leave. Many larger employers provide long-term disability coverage as well, typically with benefits of up to 60 percent of salary lasting from five years to age 65, and in some cases extended for life.

 

  1. Social Security disability benefits
     

This can be paid to workers whose disability is expected to last at least 12 months and is so severe that no gainful employment can be performed.

 

  1. Individual disability income insurance policies
     

Other limited replacement income is available for workers under            some circumstances from workers compensation (if the injury or            illness is job-related), auto insurance (if disability results from an            auto accident) and the Department of Veterans Affairs.

For most workers, even those with some employer-paid coverage, an individual disability income policy is the best way to ensure adequate income in the event of disability. When you buy a private disability income policy, you can expect to replace from 50% to 70% of income. Insurers won’t replace all your income because they want you to have an incentive to return to work. However, when you pay the premiums yourself, disability benefits are not taxed. (Benefits from employer-paid policies are subject to income tax.)

 

Source:  Insurance Information Institute  www.iii.org