Accident happens. When it happens, there is a high risk of resulting in disability. In fact, statistics shows that more than 30% of the American workforce will experience disability for more than 90 days or more in their lifetime. When one becomes disabled, not only the medical bill will be the big burden, the loss of income due to inability to work will also bring financial crisis.
Disability insurance is designed to recover a portion (usually 50-70%) of the eligible insured’s income after he/she becomes disabled. Even though there are auto insurance (if the disability is resulted from a car accident) or workers compensation (if the disability is work-related), it is also better to have more coverage than less. Furthermore, the benefit from an insured-paid policy are tax-free.
There are several types of disability insurance and our agent will tailor one that best fit your preference:
- Own occupation disability (inability to perform the work specified in policy)
- Any occupation disability (inability to perform any work that the insured is qualified for)
- Short-term disability policy (shorter waiting & benefit period)
- Long-term disability policy (longer waiting & benefit period)