Disability insurance replaces a portion of your income when you can’t work.
If you were unable to work due to illness or injury,
disability insurance can help to pay for essential expenses, including food, utilities, school tuition, mortgage, and car payments.
According to the Council for Disability Awareness, back injuries, cancer, heart disease,
and other illness contribute to the majority of long-term disability claims.
You can ignore the problem, but it’s hard to ignore the facts:
Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.
In 2020, the U.S. Social Security Administration reported that more than 25 percent of 20-year-olds will
experience a disability that keeps them out of work for at least a year before they reach retirement age.
Are you prepared if it happens to you? If you’re like most Americans, you don’t have disability insurance.
The duration of the average long-term disability claim lasts 34.6 months.
If you become disabled, will you and your loved ones face serious financial hardship, possibly foreclosure
and even bankruptcy? Good news. We can help you prepare for disability the same way you plan for other life risks,
so that you will maintain a steady stream of income when you can’t work due to illness or injury.
Generally, the policyholder does not need to continue paying premiums on a disability insurance policy while claiming benefits if the policy includes a "waiver of premium" clause. This clause typically states that the insurance company will cover the premium payments while the insured is disabled and receiving benefits. Once the insurance company approves the disability claim, the waiver of premium feature kicks in, and the policyholder is no longer required to pay premiums.
