The most valuable resource that anyone possesses is
their ability to provide an income. If everything else that
you own or care about is insured and this ability is
removed there may be no way possible to pay the
premiums on other insurance or even to keep that
which is insured. Disability insurance will
provide you with an income should you become sick or
disabled.
Even with benefits such as Workers
Compensation and Social Security, individual disability
insurance benefits are still important. A disability;
financially, can be worse than death, since living
expenses continue and may increase due to a need for
expensive specialized care. Many people also purchase
disability insurance to help ensure a continuous income
should they suffer disabilities that are not covered by
Social Security.
Individual disability insurance coverages pay a
percentage of your salary if you become temporarily
disabled, meaning that you are not able to work due to
sickness or injury (excluding on-the-job injuries, which
are covered by workers compensation insurance).
Disability Insurance Coverage Features
Disability insurance policies have a fixed monthly benefit that does
not increase with time, although you can purchase extra coverage,
called riders, that offer higher payment schedules.
Disability types include:
Own Occupation - the inability to perform the duties of your
specific occupation or Any Occupation - the inability to perform
the duties of any job for which your education and training make
you qualified.
You can choose the length of the waiting period on your disability
insurance policy. Waiting periods can range from one week to two
years and the longer you wait the less your disability insurance
policy will cost.
You also can choose the length of the benefit period, which is how
long you will receive monthly benefits once your disability insurance
policy starts paying.
Short Term Disability Insurance Policy Features
Short term disability insurance is sometimes referred to as Accident and
Sickness insurance. It provides benefits for a limited period of time, typically
26 weeks or less. Short term disability usually provides coverage for
accidents or illnesses outside of work when Maryland Workers
Compensation insurance does not apply.
You would begin receiving money from your short term disability
insurance policy within 1 to14 days after becoming sick or disabled. The
actual time for coverage to begin depends on whether you suffer an illness
or injury. If you suffer an injury, your benefits will be paid immediately. If you
suffer an illness, it will take longer because there needs to be sufficient time
to show that the illness is grave enough to be disabling.
You choose the amount of income (up to 66% of your gross income) from
$400 to $2000 a month when you can't work due to an accident or illness.
Benefit periods of up to 2 years!
Short waiting periods 1 to 14 days!
Long Term Disability Insurance Policy Features
Long term disability insurance provides benefits for a limited period of time,
typically 2 or 5 years and is also usually guaranteed renewable until the age
of 65. Long term disability insurance usually provides coverage for accidents
or illnesses outside of work when Workers Compensation
insurance does not apply.
You can begin receiving money from your long term disability
insurance policy when the "waiting period", time chosen for the policy is
reached. Typically, 6 months to a year is chosen for a waiting period in order
to reduce your premium, but shorter times are available.
You choose the amount of income (up to 66% of your gross income) from
$400 to $3000 a month when you can't work due to an accident or illness.
Hospitalization Rider pays up to double your benefit per month
(for two months) if an injury or sickness puts you in the hospital!
Benefit periods of 2 & 5 years!
Short waiting periods 7, 14, 30, and 90 days!
Guaranteed renewable to age 65
24 hour coverage - on or off the job!
$2,500 Accidental Death Benefit included!
No restrictions on how the money is used!
No benefit reduction at age 65!
Contact us today for more information about Health Insurance or fill out our online quote form.
