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Disability Insurance

What is Disability Insurance?
Disability Insurance (DI) provides you with replacement income if you are unable to work due to an illness or injury that is covered by the policy. DI can help cover your medical bills, your house payment and other common monthly expenses. Most people think disability means being confined to a hospital bed. In reality, sickness and mental illness such as anxiety or depression are considered disabilities that can prevent you from performing your job duties as well. Many group coverage plans, and even individual plans don't cover these disabilities. We partner with the top carriers in the market for Disability Insurance so our clients are covered from these with a plan they can rely on.

What is the benefit of having Disability Insurance?
One of your most valuable assets is your ability to earn a living. Take away your income, and it is amazing how quickly you can deplete savings and even incur large debt just trying to cover your regular monthly expenses. In many cases we've seen, an economic loss for a family (primary income earner is out of work from disability) can be even more financially devastating than the death of the main income earner of the family. Medical bills can begin piling up, no income or significantly reduced income from disability creates a tremendous burden for paying monthly expenses. It can become extremely overwhelming and eventually even impossible to keep up with expenses.

Another advantage is, unlike an employer-paid group long-term disability (LTD) plan, an individual Disability Insurance plan is "portable." That means you own the policy, and it stays with you even if you change jobs.

What are the different types of Disability Insurance?
DI policies for individuals typically come in one of two forms:

• Non-Cancellable: Guarantees that as long as you pay the premiums, your DI policy cannot be cancelled, and your premium rate will be locked in for a set number of years. This policy is available for people working in professional, executive, white-collar and gray-collar technical occupations.
• Guaranteed Renewable: Guarantees that you can renew the policy with the same benefits as long as you continue to pay the premiums. There is the possibility your premium will increase. This policy is available for skilled technicians, on-site supervisors, manual laborers and people working in certain trades. 

Owners of small businesses, including medical and legal practices, also need DI to protect the owners' interests. Coverage options are:

• Business Overhead Expense (BOE): Reimburses small-business owners for the expenses required to maintain the business as a going concern if an owner is disabled.
• Buy-Sell: Provides the funds to assist in the purchase of a disabled person's ownership interest in a partnership or other small business. 

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Who needs it?
Just about everyone. Whether you are single, married, have children, or own a business, a disability that keeps you out of work can be costly. To maintain your standard of living in the event of disability, it is important to have this coverage.

You might like to know...
Insuring against disability has not been a high priority for most workers, because many assume they are already covered through Social Security, workers' compensation or employer plans. It is important to note, however, that each of these plans has limitations and should not be solely relied upon for income replacement during disability. An individual DI policy can help supplement these plans and provide additional peace of mind.

It can happen to you.

Nearly one in four men can expect to suffer a disability that keeps them out of work for 90 days or longer at some point during their working years. For women, the odds are about one in three. Moreover, one in seven workers can expect to be disabled for five or more years before retirement.*
*Source: www.lifehappens.org
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Your questions answered
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Q: I have disability coverage through my employer. Is that enough?
A: If your employer offers a group LTD plan or other coverage, then take the time to find out if that would be sufficient in meeting your income-replacement needs in the event of a disability. If it is not, then you can seek to purchase coverage on your own. One of the benefits of individual coverage is that it stays with you even if you change jobs.

Talk to your Sunshine Financial Solutions professional to determine if one of our DI products may be right for you. 

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