Disability Income Insurance
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Government Sponsored Disability Insurance Programs Sep 5, 2008
Government-sponsored disability insurance programs are designed by federal, state, and local governments to provide basic income protection (and sometimes medical benefits) to disabled individuals. Although these programs may not offer the comprehensive protection you'd like, they can help you and your family if you can't work.
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Group Disability Insurance Sep 5, 2008
If you're in the market for disability insurance, you should first find out if you're eligible for group disability insurance. Many employers, schools, trade groups, and professional associations offer group disability insurance to their members, and it can be a low-cost alternative to individual disability income insurance.
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How Disability Income Insurance Policies Define Disability Sep 5, 2008
When was the last time you read the fine print of an insurance policy? The fine print tells you some important information--how the policy defines disability, what your benefits will be, what exclusions apply, and more. The disability definition used in the policy determines how you qualify for disability benefits. |
How Much Disability Income Insurance Should I Have? Sep 5, 2008
he amount of individual disability income insurance you should buy depends on three things: how much income you'll need if you become disabled, how much money you can afford to spend on premiums, and how much insurance you'll be able to purchase under the insurance company's guidelines.
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Understanding Waiting Periods Sep 5, 2008
If you become disabled, you'll have to wait a certain number of days before you are entitled to collect disability benefits. You choose the length of your waiting period when you purchase your individual disability income insurance policy. You'll generally be offered a choice of waiting periods ranging from 30 to 720 days. You should base your decision on two factors: (1) how the waiting period affects the premium you pay, and (2) how long you could live off your savings without receiving disability benefits.
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