What is disability income insurance?
Disability income insurance provides you with replacement income if you are unable to work due to an illness or injury. Disability income insurance can help cover your medical bills, your house payment and other monthly expenses.
Disability income insurance provides you with replacement income if you are unable to work due to an illness or injury. Disability income insurance can help cover your medical bills, your house payment and other monthly expenses.
What's the benefit to having disability income insurance?
One of your most valuable possessions is your ability to earn a living. Take away your income and it’s amazing how quickly you could incur large debt -- just trying to cover your regular monthly expenses.
One of your most valuable possessions is your ability to earn a living. Take away your income and it’s amazing how quickly you could incur large debt -- just trying to cover your regular monthly expenses.
Plus, as an individual disability income insurance product, it is "portable." That means you own the policy and it stays with you even if you change jobs.
What are the different types of disability income insurance?
Disability income insurance policies typically come with one or more of the following features:
Disability income insurance policies typically come with one or more of the following features:
- Noncancellable: Guarantees that as long as you pay the premiums, your disability insurance policy can’t be cancelled and typically locks in the premium rate for a set number of years.
- Guaranteed renewable: For short-term needs, this policy guarantees that you can renew the policy with the same benefits as long as you continue to pay the premium. There is the possibility that your premium will increase.
- Yearly-renewable term: For short-term needs, this type of policy has a scheduled annual premium increase.
- Participating policies: Provides the company may declare a dividend depending on the company's claims, experience that year, earnings on the company's investment and company's operating expenses. Dividends are not guaranteed.
Who needs it?
Whether you're single, married, have children, or own a business, a disability that keeps you out of work can be costly. To continue your standard of living in the case of a disability, it's important to have this coverage.
Whether you're single, married, have children, or own a business, a disability that keeps you out of work can be costly. To continue your standard of living in the case of a disability, it's important to have this coverage.
You might like to know ...
Insuring against disability has not been a high priority for most workers because many assume they're already covered through Social Security, Workers Compensation or employer plans.
Insuring against disability has not been a high priority for most workers because many assume they're already covered through Social Security, Workers Compensation or employer plans.
You might be surprised to find out that only 39 percent of the 2.1 million workers who applied for Social Security disability benefits in 2005 were approved. And, 90 percent of disabilities are not work related, according to www.life-line.org.
Your questions answered ...
Q: I have disability coverage through my employer ... is that enough?
A: If your employer offers disability coverage, take the time to find out if it's sufficient to meet your income replacement needs. If it's not, you can purchase coverage on your own. One of the benefits of individual coverage is that it can follow you even when you change jobs.
A: If your employer offers disability coverage, take the time to find out if it's sufficient to meet your income replacement needs. If it's not, you can purchase coverage on your own. One of the benefits of individual coverage is that it can follow you even when you change jobs.
Q: How much disability income insurance do I need?
A: Find out how much disability income insurance you may need by using this simple calculator (from Life and Health Insurance Foundation for Education), or by discussing your situation with an Ohio National representative.
A: Find out how much disability income insurance you may need by using this simple calculator (from Life and Health Insurance Foundation for Education), or by discussing your situation with an Ohio National representative.
Talk to your Ohio National representative to determine if one of Ohio National's disability income insurance products may be right for you.
Disability income insurance is all about an alternative form of income in the event we go out of work. It protects us from severe illnesses as well as from critical injuries. We get reimbursed for each listed disease or injury on the basis of our income prior to our disability. Disability insurance is a must have under the current economic downturn.
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