Disability Income Insurance
Long-Term vs. Short-Term Disability Income Insurance Sep 8, 2008
It's hard to imagine becoming disabled, and harder still to imagine a disability lasting longer than a few weeks. But serious disabilities can last years or even a lifetime. That's why you should pay attention to whether a disability income insurance policy offers long-term or short-term disability benefits, and understand the difference between the two.
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Lowering the Cost of Disability Insurance Sep 8, 2008
If you don't have disability income insurance because you can't afford the premiums, there are several ways to make disability coverage more affordable. But follow these two rules: buy the best quality coverage you can afford, and don't pay for what you don't need.
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Noncancelable and Guaranteed Renewable Policies Sep 8, 2008
When you buy an individual disability income insurance policy, pay attention to whether the contract is noncancelable and guaranteed renewable, or only guaranteed renewable. You'll find this information in the Type of Contract section of the policy.
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Surviving the Underwriting Process for Disability Income Insurance Sep 8, 2008
When you apply for disability income insurance, the underwriting process begins. During this process, the insurance company collects information about you and uses it to decide whether to issue you a disability policy. Because a disability claim can cost an insurer a lot of money, the underwriting process is thorough. Any information you give, whether formally or informally, may be used to classify you as an acceptable or unacceptable risk. Working with an insurance agent or broker can be helpful, because he or she can answer any questions you might have and guide you through the underwriting process.
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Tax Planning Tips; Disability Insurance Sep 8, 2008
The income you receive from disability income insurance may or may not be taxable. The taxability of disability income insurance benefits depends on what type of benefits you receive, whether the premiums were paid with pretax or after-tax dollars, and who paid the premiums (you or your employer).
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The Fundamentals of Disability Insurance Sep 8, 2008
Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Most disability policies pay you a benefit that replaces a percentage of your earned income when you can't work. |
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