Disability Insurance

Bottom line, your family counts on you to take care of them.  Could the unfortunate happen to you, read on....

Some Interesting Facts:

• Each year nearly 1 in 4 people will become disabled for one year or more before age 65
• Nearly 50% of all home foreclosure's are caused by disabilities
• Nearly 3/4 of all disabled people are rejected for Social Security benefits
• One year of a total disability could eliminate as much as 10 years or more of savings.

Key Benefits:

• It protects your most valuable asset, your ability to earn income
• Typically disability plans pay for 60-65% of your income
• Most policies pay for total disability and some may even provide for partial disabilities

Things You Need To Know:

• Employer sponsored, or offered, disability plans are not portable.  By this, if you leave your employer, disability benefits cannot be carried with you like Health Insurance through COBRA.
• Some plans will only pay for disabilities resulting from accidents

In short, Disability Insurance pays you an ongoing sum (benefit) if you become disabled and are unable to work.  In life most everything we do or plan to do is directly related to our ability to earn an income.  Should the unfortunate happen, all of those plans can vanish if not protected by Disability Insurance.

At Southwestern Benefit Designers, we offer several competitive disability plans to choose from.  Our plans offer you the opportunity to choose options, such as:

• Benefit Period.  Coverage can be for a definite period such as 2 years, 5 years or until age 65 or lifetime.  The longer the benefit period the higher the cost of the premium
• Waiting Period.  How long you are disabled until benefits kick in.  The longer the waiting period the lower the premium.  Waiting periods can range from 30 days to 120 days and even longer.  
• Residual or Reduced Benefit.  In the event that you are not totally disabled, some policies offer a partial or reduced payment.  This would be the difference between the pre-disability income and the post-disability income.
• Own Occupation.  An Own-Occupation plan pays benefits if you are unable to perform the occupation you were performing at the time of the disability.

One last thought on Disability Insurance.  Most people plan properly for the untimely death of themselves or their spouse through life insurance.  However, the probability of someone suffering a major disability lasting more than 90 days is far greater than the likelihood of dying prematurely.

Why take the chance?  Let a disability insurance policy supplement and protect what you've worked so hard to earn.