While most Americans insure their lives and material assets, like their homes, cars, etc, many overlook the need to project their most valuable asset.

THE ABILITY TO EARN AN INCOME. 

Fewer than 20% of all working people have a personally owned disability income policy insuring their incomes against the threat of an unexpected accident or illness. Yet, insurance claims studies indicate that the odds of becoming disabled for 90 days or longer are much greater than dying during one's work years.

AT AGE 32 . . . . . 3 1/2 TIMES GREATER AT AGE 42 . . . . . 3 TIMES GREATER AT AGE 52…..2 ½ TIMES GREATER

Are you protecting the Right Assets? 

Life is full of risks.  You might be surprised to learn what poses the greatest threat to most people during the course of one year.

·        1 in 222 housing units catch fire*

·        1 in 160 people receive injuries motor vehicle accidents*

·        1 in 117 die*

·        1 in 10 people, age 25-64, suffer a disability*

Potential Earnings to Age 65

Successful Financial Strategy

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1. How is disability defined? Are education, experience and past earnings taken into account in determining what the insured can be reasonably be expected to do?

NOTE: Many contracts today provide an "own occupation" definition providing for the payment of benefits if the insured is unable to work in his or her specialty: e.g., orthopedic surgeon.

2. What about partial or residual disability? Are benefits provided when medical impairment allows the insured to perform only a portion of his or her duties? Is this benefit payable only when preceded by a period of total disability? The wording in the contract is very important.

3. Is a cost of living adjustment available to increase benefit pay outs after a disability occurs and protect the insured against inflation?

4. Is the policy both non-cancelable and guaranteed renewable by the issuing company? 

5. Is the waiting or elimination period proper for the insured's circumstances? Commonly available periods include 30-day, 60-day, 90-day, 6 months and 1year. Naturally, the longer elimination period one selects, the lower his or her premium payments will be. However, a person's needs, cash reserves and income sources should be the deciding factors in selecting a proper elimination/waiting period.

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Alone a Group LTD program may not sufficiently cover your income ….. 

Reasons to Supplement Group Long Term Disability 

·    Benefit level may be too low (i.e. 60% of base salary)
·    Benefits are typically taxable, reducing the actual percentage of income received in benefits
·   Caps on monthly benefit amounts can reduce highly compensated individuals’ protection (i.e. 60% to 5/6,000 per month cap)
·    Benefits typically are reduced by Social Security
·   Bonuses, overtime pay, pension contributions or other forms of compensation may not be covered
·   Rates may not be guaranteed

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