Insurance Info

More and more people are starting to realize how useful disability insurance can be. However, the best policies can get quite expensive, so if you are looking for this type of insurance you might want to try to find a way to reduce the cost. Typically policies cost between one and three percent of your salary. There are a number of options you can take advantage of in order to reduce the cost of this type of insurance.

First of all, if you get a group disability insurance policy through your employer it will be less expensive than if you get this type of coverage on your own. You really don’t have many options though, you have to choose between the few options they offer you. Continue reading ‘How to Save Money on Disability Insurance’ »

If you are considering getting disability insurance, you are on the right track. It is a good idea for most people to get this type of insurance. It will help to keep you from getting over your head in debt if something unexpected should happen to you. The basic policy will go a long way, but there are some optional insurance riders that might make the policy even more useful to you, especially if you are young.

One of the most useful riders for anyone to have is the residual disability rider. A lot of times when people are sick or injured they don’t just get sick or recover all at once. It is a gradual process, and they might be able to work part time or perform part of their job duties when they are in the process of recovery. Without this rider, their disability would cut off if they went back to work part time. The rider makes it so that they can work a part time schedule and get a portion of their salary from the insurance company to help make up for the decrease in salary that this would entail. Continue reading ‘Disability Insurance Riders You Should Consider Adding to Your Policy’ »

A lot of people don’t bother getting disability insurance. They figure they don’t need it. However, this type of insurance can really make a difference should something happen to you that kept you from working for any length of time. Most people can’t afford to go without working for more than a few weeks or a few months. However, a difficult pregnancy or a long illness can keep you out of work for longer than that. Unless you have a lot of savings for emergencies or a lot of money in general, it would be a good idea to get this type of insurance.

Many people think that the disability insurance provided by their employer will be enough, but most of these policies have a maximum amount that they pay out per month, which is usually about 60 percent of your salary or even less if you have a pretty high salary since there is a cap on how much they will pay. Also, the benefits you get from work are taxed, so you will end up with even less than the 60 percent you might be expecting. A supplemental policy might be necessary in order to meet all of your expenses. Check into the insurance that is provided by your employer to see what the terms and conditions are so you are prepared should something happen. Continue reading ‘Who Needs Disability Insurance? You Do!’ »

So who decides if you are disabled? Your insurance company does of course. Therefore you need to pay special attention to the details in your policy. By reviewing this list of definitions you will be able to better understand your disability insurance policy.

Own Occupation: This means you are disabled and cannot perform the regular duties of your usual job, even if you could do some other job.

Any Occupation: You are considered disabled if you cannot work at any job that you are currently qualified for by training, education and experience.

Total Disability: You are disabled and unable to work at any job. Continue reading ‘Examining Your Disability Insurance Policy’ »

Most people would never imagine owning a house or vehicle without insuring it. People’s homes and cars are valuable assets and they naturally want to protect themselves. These same people often do not have adequate coverage (or any at all) for their largest most valued asset — their income!

Successful people consider more and more to secure their income in a case of a disability. Why do they do it? Because without proper planning, an unexpected disability can quickly exhaust their savings and create a substantial debt. Their income is essential to them and gives them their freedom. A 39 year old man for example: with an annual income of $60,000 and an assumed annual increase of 3% of his salary could lose up to $2,313,000 income if he gets totally disabled. It is evident that the need for income replacement is universal–yet many people don’t have this valuable coverage. The following statistics illustrate the need for income protection in the United States:

In 2003 alone, there were 3,400,000 disabling injuries, this breaks down to:

• 65,385 a week,
• 9,341 a day,
• 389 an hour and
• 1 every 10 seconds! Continue reading ‘You Play the Lottery But Have No Disability Insurance?’ »

If you are a female professional that is in the market for Long Term Disability insurance, you probably have realized that disability coverage for women is fairly pricey. Due to a higher claims history with women, insurance companies usually charge 30-40% more for women than they do for men. As a female professional, it is important that you learn about the different ways that you can save on your premiums without having to sacrifice the benefits.

Most people looking for individual Disability insurance will do so either because they are self-employed or because their employer does not provide coverage for them. Whether you are a female business owner or a female professional working for a small, medium or large business, you could qualify for significant savings on your Disability insurance premiums. The following are two techniques we often use for our clients. Continue reading ‘Save Money on Disability Insurance Premiums As a Female Professional’ »

Paul Sullivan of the New York Times in April of 2009 wrote an article in the Wealth Matters section titled “Never Mind your 401(k). How’s Your Insurance?” Mr. Sullivan starts his article with a very simple yet powerful sentence, “Insurance is the least sexy asset in most portfolios.” Why is this simple, straight-forward sentence so powerful? Because it is true and drives the sub-conscious perception of insurance in almost every American’s mind.

When you purchase insurance you are buying an intangible product, you are buying a promise. So when the average American thinks about insurance their first thought is going be a tangible object, something they touch or hold that they can picture in their mind being replaced after an accident (i.e. Home & Auto). Similarly most people understand that death is an inevitable event and thus can wrap their brain around the idea of their family being financially reimbursed after death (i.e. Life).

However, in the case of Disability insurance, many Americans struggle to understand the significance of the coverage this product represents. Unlike death people have a hard time imagining the scenario that renders them disabled. What these individuals do not understand is that one in seven US workers will be disabled for five years or more before retirement (from the Health Insurance Association of America, published in the New York Times). Look around your office, count yourself and six co-workers. One of you is going to be disabled for five years. If you are the one that becomes disabled, can your family sustain that type of long-term reduction in income? Continue reading ‘Disability Insurance – Not Sexy – Very Important’ »

Long-term care insurance is a relatively new idea in the insurance industry but its necessity ranks up there with disability insurance and life insurance. But since it is such a new product on the insurance scene, there are still many questions that surround long-term care (LTC) insurance and its necessity. Here are some of the more common questions you can expect to be asked about this insurance product along with some great answers to those questions.

Should I consider purchasing a long-term care insurance policy?
If you are at least 45 years of age, you should consider purchasing a LTC insurance policy. This should be part of your overall insurance portfolio along with life insurance and other insurance that you need. However, you should evaluate your insurance budget. If you only have a budget that will cover a comprehensive life insurance policy, do that first. Prioritize your insurance needs and don’t put yourself or your family into a financial hardship just to purchase a long-term care insurance policy. Continue reading ‘FAQs About Long-Term Care Insurance’ »

You may be eligible for disability insurance if you’ve been injured from an incident that is not industrial, illness, or pregnancy. In general terms, disability is a mental or physical illness or injury that prevents you from working like you normally would. In order to prove you qualify for disability insurance, you will need to fill out a form about your illness.

It’s possible to file an appeal after being denied your claim for disability insurance or a payout of leave benefits to take care of your family – here’s how. Continue reading ‘Tips on Making an Appeal For Disability Insurance’ »