Disability Insurance
As a working professional you protect yourself and your assets with insurance — home, auto, office, and health just to name a few. But what about your most valuable asset, your earning potential?
Most look at their financial portfolio and recognize the value of their assets immediately without ever considering how they are able to purchase those assets in the first place. Your income is likely your most valuable asset and disability insurance helps you protect it! Take a quick quiz and find your EIQ, Earnable Income Quotient.
Disability insurance will pay you a benefit to help replace your income lost due to an injury or sickness.
Want some quick answers and discover your options? Contact us today!
Why You Need It?
- Disability income replacement insurance fulfills many needs:
- Pay for personal or family living expenses
- Pay for education loans or other personal debt
- Provide funds for children’s Education Expenses
- Provide funds that may be used to save for retirement
- Provide income in Retirement (benefits that last beyond 67)
An important factor to consider when comparing disability policy language is how the policy protects the income from your specific occupation if you become disabled. There are four different types:
Due to an injury or illness you are unable to work in your occupation even if you work in another occupation. You may be working and still be totally disabled as long as you are not able to work in your regular occupation. Benefits would not be reduced by income earned in another occupation.
Due to an injury or illness you are unable to work in your occupation even if you work in another occupation. Benefits with this definition may be reduced if your new earnings plus the benefits to be received exceed your pre-disability income increased by inflation.
Example: Pre-Disability Income = $15k/mo, All Disability Benefits = $8k/mo.
You could earn up to $7k/mo without having a reduction in benefits. The higher your pre-disability income the less difference there actually would be in this definition and True Own Occupation.
Due to an injury or illness you cannot work in your occupation AND you are not working in another occupation. If you decide to work in another occupation you will receive benefits under the residual (partial) part of the contract. For example, if you have a loss of income of 50 percent then you will receive 50 percent of the benefit. If you are 40 years old when you have an accident you may have a 25-year partial claim if you decide to work in another occupation vs. having a total claim under the True or Transitional policies.
The policy will pay you total or residual benefits only if you are unable to work in any occupation.
We recommend True Own Occupation or Transitional Own Occupation for most of our clients.
How Much Disability Income Insurance Can You Buy?
A new-to-practice dentist is usually able to purchase a maximum of $4,000 per month with no proof of income. If you have a position with a stated contract salary or have some income history, you may be able to get additional coverage with financial documentation. You can combine individual and group coverage for a higher benefit, generally up to 80 percent of total compensation.
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