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Personal Disability Insurance PDF Print E-mail
Personal Disability Insurance
 
Much attention is given to insurance protecting our health or our property. However, little attention is given to our most valuable financial asset, our income. Disability income protection provides an insured with a monthlyincome, if that person becomes disabled or is unable to work for a lengthy period of time. Most people are better prepared to take care of family needs for death than for disability.
There are several forms of disability income insurances:
  1. Social Security is one where benefits are determined by salary and number of years covered by Social Security.
  2. Worker’s Compensation covers nearly 80% of the workforce. Individual state laws and rules vary within each of the 50 states. This coverage has two advantages: Coverage us paid by the employer for the benefit of the employee, and distribution of benefits usually starts promptly.
  3. Employers may provide other income protection coverage, which might include short-term wage continuation or disability protection. Such a program could extend to two years but 26 weeks is most common. They may offer long-term income protection. In this case, coverage could last for five years up to retirement age. Some coverage could last for a lifetime.
  4. Veterans have military service-related coverage, which has an allowance for dependents. Under the Pregnancy Disabilities Act of 1978, mothers-to-be have maternity leave rights.
Disability coverage offers an affordable benefit, providing protection for you in the event that you become disabled or are unable to work for an extended period of time.
Consider these real statistics:
  • Between ages 35 and 65, 70% of people will become disabled for at least three months.
  • 1 out of 7 employees will become disabled for 5 years or longer before retirement.
  • A disability of three months or longer to a young adult is six times more likely than death.
  • 70 % of claims for Social Security disability benefits have been refused.
Individual Disability Income Insurance:
Anyone earning $12,000 per year is eligible for personal disability income coverage. Generally, private insurers will pay no more than 60-70% of your gross income. Private disability income insurance by a private insurer is based on three factors:

  • The amount of money you want to receive.
  • The length of the waiting period before benefits start up.
  • The duration of payments for the benefits.
An Alliant professional will assist you in this most important decision. When it comes to protecting your most valuable asset, your income, we will make sure you have immediate access to this critical information.