Life insurance can play an essential part securing the financial future for you and your family. Everyone would like to provide their loved ones with the appropriate coverage to ensure financial stability, but determining the proper coverage can be intimidating and time consuming. Our experienced advisers are here to assist you through the process of evaluating you and your beneficiary is financial needs. Once the appropriate amount of coverage has been determined, we will help you determine the most suitable insurance carrier and help you thru the application and approval process. As independent financial advisers, we have access to most of the major insurance carriers, which allows us to find the most appropriate coverage for our clients needs. Contact us to discuss your options or schedule a free consultation with one of our licensed advisers.
Individual disability insurance is an insurance product designed to replace up to 85% of your adjusted gross income, on a tax-free basis, should an accident or illness prevent you from earning an income in your occupation. Every disability insurance policy is different; this is not a product to simply shop by price alone. You should always know the exact language of the definition of b total disability before applying. There are three basic types:
1. Own Occupation – The inability to perform the material and substantial duties of your regular occupation, the insurance 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.
2. Modified Own Occupation – 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.
3. Any Occupation – Because of sickness or injury you are unable to perform the material and substantial duties of your occupation, or any occupation for which you are deemed reasonably qualified by education, training, or experience.
Disability insurance is basic provisions:
Elimination Period – The period of time between the onset of a disability, and the time you are eligible for benefits (typically 30/60/90/180 or 365 days). The longer the elimination period; the cheaper the policy.
Benefit period – Period of time you are eligible to collect benefits while on a disability insurance claim (most common: 2/3/5/10 years, to age 65 or to age 67)
Residual or Partial Disability– The person is still actively engaged in their occupation, but because of a sickness or injury is suffering loss of income of at least 20%.
Non-Cancellable – No changes to your premium schedule, your monthly benefits, or your policy benefits without your permission to age 65.
Guaranteed Renewable– Premiums can be changed (read: increased!) on a class basis with an approval from the state.
Recurrent Disability – The elimination period is waived if another disability occurs within six months, from the same or related cause. As Independent Financial Advisers, we have access to most insurance companies products which allows us to shop the market for you, to find the most appropriate policy for your needs at the lowest possible cost.