Disability Policies and What Type You Should Purchase
“Dr. Fracturestein! You’re inured again!” Come on Victor, can’t you keep your creepy creation in check. Look, you should have known that runaway bride was going to set him off! Goodness, if you would only get disability insurance, at least you won’t be so hurt in the pocket. You see, since you’re not covered, you won’t be able to replace the income you usually make off of your bootleg surgeries!
We, at Achieve Financial Group, are going to march up to your castle with the villagers and give you some facts about disability insurance. We all know that you’ve got the brains to understand that one-third of employed Americans will become disabled for at least 90 days at some point in their career. You’re no exception. So, what’s it going to take to convince you, a lightning strike!?
- More than 40% of full-time workers do not have coverage in the event of a short-term or long-term disability to protect against a loss of income
- Disability policies generally are purchased individually from an insurance agent, but some employers provide an option to purchase disability coverage
- Financial experts generally advise purchasing a policy to replace about two-thirds (60% to 70%) of a worker’s monthly income
- “Own occupation” policies kick in when you are unable to perform duties of the job for which you are trained. These policies are more expensive.
- “Any occupation” coverage defines disability as the inability to do any type of work.
- “Split definition” policies use an “own occupation” definition for several years, followed by an “any occupation” definition later on.
Doctor, you may be a mad scientist, but you’ve got another monster injury that will keep you out of your laboratory for awhile. So you’ll need a guaranteed renewable policy that pays residual benefits. Then you’ll be able to bring your career back to life when you recover. And if you become injured again from a pre-existing disability, you’ll know at least one important thing about your insurance, it’s alive! #AchieveMore