We all work hard to afford what we enjoy in life, and to pay our continuing expenses such as food, clothing, shelter, utilities, insurance premiums, and entertainment. Your ability to earn income is your most valuable asset. If that ability is interrupted because of an accident or sickness, you may find it difficult to maintain your standard of living and impossible to plan for the future. Unfortunately, the chance of a disabling accident or sickness is greater then most people think.
- 1 out of 4 workers 35-65 will be disabled for 90 days. **
- Disability is the cause of nearly 50% of all home foreclosures. **
- Before age 65, if a disability lasts 90 days, it is expected to last an average of 2 ½ years. ***
- 80% of U.S. workers will exhaust their savings in only two months without the ability to earn an income. ***
** National Association of Life Underwriters *** Commissioner’s Disability Table
A disability income policy will provide money to replace loss of earned income while disabled for sickness or an accident.
Features of a quality disability include:
- Worldwide, 24-hour-a-day coverage while on or off the job.
- Benefit periods of 2 years, 5 years, or to age 65.
- Waiting periods (the number of days before the benefits begin) are 30, 60, 90, or 180 days.
- Coverage is guaranteed renewable to age 65.
- Premium rates can only be changed on a class basis only. Any change will apply to all policies of this type having a common policy form number.
- A non-smoker discount is given to those who have not smoked cigarettes for 12 months or more.
- Premiums are waived retroactively after 90 consecutive days of total disability.
- First Day Disability Income Benefit may be added to provide a daily income while hospital confined.
- An optional Accidental Death and Dismemberment benefit may be added for any amount from 10,000 to 100,000.
- A Partial Disability Benefit is included at no additional premium. Partial disability must follow a period of total disability for which benefits were paid. The Partial Disability equals one half the monthly benefit paid while totally disabled, for up to six months or until the end of the benefit period, whichever is less.