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Disability Income Protection

Many people do not understand their disability benefits as well as their other benefits. A person is far more likely to have an injury or illness than death before age 65.

There is a common belief that Social Security, which provides benefits for disabled workers, will provide coverage in addition to other coverage, perhaps provided by your employer. Social Security does provide benefits for permanently disabled workers who qualify, but qualification is difficult. More than half of those who apply have their claims denied.

The ideal solution for individuals is to carefully review their coverage to assure they have sufficient income protection in the event of a disabling illness or injury. This may be a combination of the benefits provided by their employer and an individual disability policy.

A quality individual disability policy will provide the most benefit under the most circumstances. Some key provisions to consider when selecting a policy:

  • Is disability defined as you inability to preform your own job or any job?
  • Does the policy cover accidents and illness?
  • Are benefits paid for partial or recurring disabilities?
  • Are full benefits paid after loss of sight, speech, hearing or use of limbs?
  • Is the policy non-cancelable, guaranteed renewable or conditionally renewable?
  • How long must a worker be disabled before premiums are waived?
  • Is there an option to buy additional coverage, without evidence of medical insurability at a later date?
  • Does the policy offer an inflation adjustment feature?

Not all policies use the same terminology or contract features. HORAN welcomes the opportunity to review your current plan to ensure that the contract provisions fit your current needs and your future income replacement needs.