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Individual Disability Insurance: The Secret to Protecting your Family

Disability Income Insurance may be one of the most misunderstood types of insurance. Certainly it is the type purchased by the fewest people, yet needed by most. Probably the reason for the lack of education on this important benefit is that employers use the terms short term disability and long term disability in such a way that most people think they will be covered if they ever become disabled.
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Request a Disability Quote Now!

When you request a quote you will receive your free, "Insiders Guide to Disability Insurance." Start your quote by simply filling in the short form below.

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Occupation (please be specific):
If you are self-employed, unemployed or your occupation requires that you carry a firearm, you may not be qualified for long term disability insurance.
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If your earnings is less than $1500 a month, you will not qualify for disability insurance.
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You may not qualify for disability insurance if you have more than just minor health issues. If you are currently healthy, please type "none" in the box below, if you have only a minor health condition, please describe it below.

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Some even have the mistaken idea that long term disability will pay for care in a nursing home–which it definitely is not designed to do. Perhaps one easy way to begin to understand disability insurance is to simply ask yourself, you’re your employer pay you for an unspecified time period if you cannot work for him? Most likely not. After all, he is running a company, and he doesn't keep his bottom line in black by paying people who are no longer able to produce.

Disability Insurance: Income Replacement

The correct approach to disability insurance is to think of it as “income replacement” because that is exactly what it does. It replaces a lost income when you have become disabled through either an accident or illness. Yes, you probably have a limited amount of this type insurance on your job. Most employers with a workforce of any size offer short term disability which is really just “sick pay,” an insurance that continues your paycheck even if you are out sick.

Long term disability through the employer is not as common as it once was as many employers have been forced to cut benefits just to stay in business during this extreme economic recession. For those who have it, however, LTD is actually “short term” income replacement. If you become disabled through illness or accident, you may be able to continue drawing part of your salary if you had enough years on the job before the disability occurred. In most cases, however, LTD is limited to one or two years of pay in the hopes that you will be able to return to work at the end of that time.

You certainly do want to check with your employer to be sure you know the exact term of any disability insurance agreement you may have. In the meantime, since unfortunately, disability insurance is sometimes the most involved type of insurance to purchase, it would be a good idea to complete our easy form and obtain some disability insurance quotes. A quote does not obligate you to purchase anything. It simply gives you an idea of the cost. In most cases, if you qualify, the insurance is less expensive than you might think.

Seek help in Understanding the Benefits

Like most insurance, disability insurance in not standardized. Some companies will allow you to collect even if you are able to work at least part time while others are nearly as strict as Social Security. Also, some companies give you a specific insurance term—such as three to five years—during which benefits will be paid. If possible, you want a policy with benefits payable to age 65. You also want it to be renewable, meaning that you can use it, get well and stop using it, but then use it again at some point in the future. Most companies waive premiums once you go on claim although you may have to make payments for three months. Most also have an elimination period, meaning you must be disabled for a certain period of time before you can start drawing benefit checks.

The best way to purchase disability insurance is to speak to an agent. When you complete our form, you will receive a phone call from two or three licensed agents in your area who can meet with you and explain the process of purchasing individual disability insurance.