Disability Insurance Protects your most valuable asset and your ability to earn an income.
- You don’t have a large amount of savings or other sources of income available.
- You depend on your income to support your lifestyle.
- You can’t afford to be out of work for weeks or months at a time.
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A disability policy is composed of various elements:
Other Benefits that can be added to an individual disability policy
Protection Against Inflation
Automatic Increase Rider
Future Increase Options
Capital Sum Benefit
Transplant & Cosmetic Surgery Benefit
Types of Coverage
Social Security does not just provide for retirement income but disability income as well.
- In 2014, the average monthly payment to a disabled worker with a spouse and children was $1796. See SSI Fact Sheet
- Eligibility is based on being unable to perform any gainful employment.See SSDI Disability Planner
- You are eligible for benefits after you have been disabled for 5 months and if the disability is expected to last 12 months. See Waiting Period Question
- Social Security disability payments are subject to federal income tax if your income exceeds $25,000 individually or $32,000 jointly. See Tax Question
Most employers are required to provide this coverage. The amount and duration varies by state. Workers Compensation only pays if the disability occurs on the job, and usually lasts for only a few years and the payments are low.
For individual policies, the applicant needs to qualify and go through an underwriting process, similar to the process required for life insurance. The applicant could be subject to a higher premium or even be declined based on his or her occupation, medical history, or lifestyle. Individual policies are usually purchased by high income professionals because of the cost.
Some states require employers to carry group disability insurance anywhere from 26 to 52 weeks.
Group Long Term Disability (LTD)
Group LTD is carried by almost half of mid-size to large employers and provides long term benefits for at least 5 years covering about 60% of salary. The premium is usually very low, does not require proof of insurability, and often is fully paid by the employer.
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