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Disability Insurance

Statistics show that disability is much more commonplace than most people think: In a recent survey more than half of employees surveyed felt they had a less than 2% chance of becoming disabled during their working years, but in reality more than 25% of Americans entering the work force today (1 in 4) will become disabled before they retire.

Leading Causes of Disability Claims
Accidents aren't the only cause of disability.
In fact, the majority of all claims are due to illness.

Pie

Furthermore, it's not safe to rely completely on a group policy your employer, business or practice may have purchased. While group DI is often relatively inexpensive and easy to administer, it can also fall short just when you need it most - leaving you in for some unpleasant surprises when it's too late. You should learn about disability income insurance myths and arm yourself with the knowledge needed to make sound insurance choices.

The right disability income insurance (DI) policy can help you keep your household going if you suffer a long-term disability. But before you go shopping for a DI policy, you need to know what features to look for-and the language the insurance industry uses to describe them. The following terms are part of the language describing high-quality policies, and are what you should look for to get coverage you can count on:

  • Non-Cancellable and Guaranteed Renewable: To avoid the possibility of losing your coverage just when you need it most, choose a policy that's non-cancellable and guaranteed renewable to age 65. This will also guarantee premiums until age 65. With group or association coverage, you run the risk of being dropped and left unprotected at a time in your life when, due to your age or to a change in your health, it would be very difficult to qualify for coverage from another provider. The premiums for your entire classification can also be increased at any time.
  • Conditionally renewable for life: Although premiums may increase after age 65, your policy should be renewable for life, as long as you are at work full time.
  • Own-occupation: Own-occupation or "Own-occ" coverage defines "totally disabled"-and therefore eligible for benefits-as being unable due to injury or sickness to perform the material and substantial duties of your own occupation even if you are at work in another capacity. As a highly skilled professional who has invested much in education and training, you want to make sure you have genuine own-occupation coverage... so that even if you can teach, for example, in your field-but cannot practice law-you are still eligible for benefits. Group coverage is rarely true own-occupation coverage.

Disability income insurance is a must when planning for the future, but it can be a confusing and frustrating process. Here at Premier Planning Partners we are committed to educating you on your insurance benefits, options, and plan guidelines, while making you aware of insurance myths that may be getting in the way of your success. We realize that planning for an unfortunate event can leave a lot of questions unanswered and our goal is to supply a full understanding of your plan as well as the nuances of the industry moving forward. We know how uncertain life can be and want you to know that in those moments, you're not alone. We are here to partner with you every step of the way simplifying an otherwise daunting process and assuring a trusted ally should the moment arise.

So why buy your own insurance when your company offers it?

Although most employers offer group policies, they're generally not something you can rely on. Group plans are designed with a general population in mind and more often than not they fall short. Here at Premier Planning Partners we want to make sure you're taken care of. It may be easier to settle with what you're being offered in the present, but this is your future we're talking about, and looking back with regret is a moment we'd like to help you avoid. By partnering with us you count on us to:

*Walk you through all the features of your plan so you are fully aware of the type of policy you have as well as what you can expect.

*Help you to avoid cancelled, non-renewable, or conditional policies by walking through the fine print and pointing out what features you should look for as the insurance industry defines them.

*Direct you toward a policy that not only covers a "total disability" but includes benefits in the instance of an illness or injury making you unable to perform certain duties within your own occupation.

Don't wait until an accident occurs to figure out how to protect yourself and your family from financial crisis. Call today for a complimentary consultation and start planning for your future!

For more information, request a complimentary consultation today!