The statistics are alarming: nearly 1 in 4 Americans will become disabled before they retire, a disabling accident occurs in the United States once every second, you must be disabled for 12 consecutive months to potentially qualify for Social Security Disability benefits. Many people think that they are immune from accidents however, the reality is accidents don’t cause most disabilities. Instead, back injuries, cancer, heart disease and other illnesses are usually to blame. And that’s precisely why disability insurance should be a core component of your financial life.

Protection when you need it most

Your income is the foundation to the life you created. As you can imagine, without an income, your everyday life and plans for the future are affected. When you become ill or have been injured in an accident, you have enough on your mind without having to worry about where your next paycheck will be coming from. Of course, if you had disability income insurance, you may not have to worry at all. An individual disability income insurance policy from a highly rated Insurance company can offer you flexible, comprehensive coverage that can help protect against the financial impact of a disability.

Things to consider when evaluating disability income coverage:

How much income replacement will I need?

The key to “how much is enough” is to first evaluate your total monthly expenses to determine your specific needs. As a general rule, you may be eligible for a monthly benefit equal to about 60% of net salary or business income. At Richard C. Ahern Insurance, we will get to know your personal situation and provide a detailed assessment of your income replacement needs.

Can I also protect any future income increases I may receive?

Any policy issued will include a monthly benefit amount based on your current financial and occupational information. Many policies also offer a future insurability feature (or "future insurability option") that allows for the purchase of additional coverage without the need to provide further evidence of good health.

When will I be eligible for benefits?

The language in the policy determines the conditions under which you become eligible for benefits. The typical waiting period for benefits is 90 or 180 days.

How long will my benefits last?

The language in the policy will determine the length of time for which benefits will be payable. Benefits can be paid for various lengths of time such as two years, five years or until you reach age 65.  

Will my benefits keep pace with inflation?

Many policies offer riders to help your benefits keep pace with inflation during a disability. A cost of living adjustment (COLA) rider will adjust benefits each year while you remain disabled and eligible for benefits. COLA riders can be vital to maintaining your standard of living during an extended disability.

Please contact us for more information or to request a free quote today.