Individual Disability Insurance
For most of us, our largest asset is our lifetime income from our work. But what if, due to an accident or illness, you cannot perform the functions of your job? What will you do?
You can transfer this risk to an insurance company by purchasing a Disability Income policy. For 2-3 percent of your annual income, you can insure 60-70% of your income with tax free Disability income to age 65.
Please call our office for a proposal. In order to obtain a Disability Income proposal from several companies we will need the following information from you:
- Your occupation and duties
- Annual income from all sources (excluding spouse)
- General health questions
- Date of birth
- Waiting period (3-6-12 months)
- Term (2 or 5 years or to age 65)
Group Disability Insurance
The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to quality medically. If your employer doesn’t provide disability insurance than you may want to consider an individual disability policy — or you may need a personal disability insurance policy to supplement an employer group plan. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?
Proposals take 2-4 business days to obtain. All coverages are subject to the application and the policy purchased.