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Disability Insurance
By Robert Lawrence
What is Disability Insurance?“The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program.”-Social Security web site, June 2006 The Social Security office will want to check your medical history to be sure you qualify for disability benefits. The Social Security office is one way to get disability benefits, but in most cases these benefits will not be substantial enough for families. Disability can be obtained through any number of companies. In the event that you are disabled, this will serve as financial protection. You will receive a percentage of your gross income from your disability policy, income that will ensure your own financial safety.
You do not have to go through the Social Security Office to take out a disability policy, nor to receive the benefits from that policy. The Social Security disability program is not related to any disability policy that you take out. “Individual disability is truly a basic concept. It is an product designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability policy from every company is very different, this is not a product to simply shop for the most competitive rate. To buy the cheapest disability policy on the market is to throw money away. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract.”-About Disability web site, June 2006 Types of Disability InsuranceMost people are familiar
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with two types of disability insurance: short-term disability, and long-term disability. Short-term disability is included as part of a benefits package with many different employers, and usually provides an income in the early part of disability. Short-term disability generally provides coverage for a period of several weeks, and does not exceed a two-year term. Long-term disability, however, can last for a period of several years. These types of policies may be included as a part of employment, in a benefits package, but many purchase these disability policies individually. As far as disability goes, however, there are still more policies to learn about. One type of disability is the Own-Occupation Disability Insurance. The definition of this policy reads: “The inability to perform the material and substantial duties of your regular occupation, the company will consider your occupation to be the occupation you are engaged in at the time you become disabled, they will pay the claim even if you are working in some other capacity.” Another kind of disability is the Income Replacement Insurance. This is a very popular type of disability insurance, and most agents are familiar with this policy. The language of this type of disability reads: “Because of sickness or injury you are unable to perform the material and substantial duties of your occupation, and are not engaged in any other occupation.” Common in employee benefits packages, Gainful Occupation Coverage is another popular form of disability insurance. The language here is worded very carefully: “Because of sickness or injury you are unable to perform the material and substantial duties or your occupation, or any occupation for which you are deemed reasonably qualified by education, training, or experience.” Robert co-founded Insurance4USA.com, an quote shopping service - http://www.insurance4usa.com, in 1999. He has been a licensed agent in New York State since 1990.
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