Disability Insurance

Protect Your Income with Disability Insurance

When an individual becomes disabled, and is unable to work for a long time, Disability Insurance offers income protection. Whether the individual has suffered injury or disease, The income protection would be the same.

Disability Defined

The Centers for Disease Control and Prevention (CDC) consider a disability to be “any condition that chronically inhibits” the performance of one or more of the following functions:
• Hearing
• Vision
• Movement
• Thinking
• Remembering
• Learning
• Communicating
• Mental health
• Social Relationships

However, per Cornell University Law School, not all conditions considered disabilities by the CDC are eligible for coverage by disability insurance. Your experienced professional InsuranceDirect123 agent will go over your policy thoroughly to ensure you understand what conditions are covered.

There are three basic classifications of disability insurance for individuals:
1. Government Programs: Social Security and Supplemental Social Security, which are overseen by the Social Security Administration.
2. Private Individual Policies: Short-term or long-term policies purchased by individuals as either a supplement to employer-provided insurance or as their primary coverage.
3. Employer-Provided Programs: Sick leave, worker’s compensation, as well as group policies for long-term coverage.

Are all employers required to offer disability insurance?

Currently, employers are not required to offer long-term disability (LTD) coverage. Still, many of the larger companies do offer LTD coverage to their employees. Usually group LTD coverage is paid in full by the employer, but not always. Keep in mind that if your employer is paying the full premium, the benefits will be considered taxable income.

How do I know which disability insurance policy is best for me?

Shopping for disability insurance is different than shopping for other types of insurance such as auto or homeowners. Disability insurance is “less standardized” and therefore a more complex product. Ask yourself these questions as you compare policies:
• Does my agent have experience working with disability policies?
• How long do I want my benefits to last?
• What is the definition of “disability” on that policy?
• How is disability determined?
• If you already have coverage from your employer, how much of the payout will you keep after taxes?

Contact the expert insurance agents at InsuranceDirect123 today for assistance with a disability policy that is right for you.