Disability Insurance

WHAT IS DISABILITY INSURANCE?

We use insurance to protect a host of assets, from cars to homes to jewelry. But many people forget to insure their most important asset — the ability to work and earn a living. Your ability to earn a living and contribute to your household is likely your most valuable asset.

Disability insurance replaces a portion of your income—or helps cover the cost of household services for stay-at-home-parents—should illness or injury prevent you from doing your job. While you may qualify for a portion through Social Security, it likely won’t cover enough. We review your entire situation and help you find the policy that’s right for you.

• Learn About Social Security Disability Benefits
• Social Security Disability Resource Center

Group Plans

The most common kind of disability insurance, group plans are typically offered through your employer. The lowest tier of group coverage is extremely affordable, so that’s a big plus, but benefits vary greatly. Consider that group plans typically don’t come close to replacing your full paycheck, with a reimbursement rate of about 60% being typical.

Furthermore, group plans often place a monthly or yearly cap on the dollar amount you can be paid, or set a maximum time frame for benefits that could be as little as two years. Because of these drawbacks, it’s important to read the fine print on group plans because they may not help much if illness strikes.

Individual Plans

If your employer doesn’t offer a group plan or you don’t like what you’re offered at the office, you can shop as an individual. But keep in mind that, without a group, your price is based on your unique situation and needs.

Individual plans have a wealth of options — such as coverage for lost bonus income above your salary, or portability to keep the disability coverage even if you change jobs. If you have unique needs, we can help.