Disability Income

When a physical injury keeps you from working, disability insurance can help get the bills paid. In reality, disability insurance is as important as (and in some cases, even more important than) life insurance.

There are many kinds of disability policies and options. However, the basics are simple. The first variable is the desired monthly benefit amount. Most disability policies have a fixed monthly benefit that does not increase with time, although you can purchase additional coverage with a rider that would increase the benefit payment by a scheduled amount or with inflation.

The second variable is the definition of disability -- whether it is "own occupation" - the inability to perform the duties of your specific occupation, or "any occupation" - the inability to perform the duties of any job for which your education and training make you qualified.

The third variable is the waiting period, or the amount of time you must be disabled before benefits begin. These waiting periods can range from 30 days to one year. The longer you wait the less your disability policy will cost.

The fourth variable is the benefit period, or how long you will receive monthly benefits once your policy starts paying. The benefit period can range from six months to life, depending on what you choose as well as what your insurance company is willing to offer you.

In addition to these variables, there are other coverage features, as well as a variety of riders.

Contact Rosemary Souza-Botten for more information. Just click on the link to the right -- she'll be happy to set up an appointment to review your unique needs and to answer any and all questions you may have.

C10-1207-017 (12/10)

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