Disability insurance

How Much Disability Insurance Do You Need? -- The Motley Fool

During your working years, your ability to earn income is your greatest asset. If you don't have an adequate source of replacement income, a disability can quickly turn into a financial catastrophe. Protect yourself by making sure you have enough insurance to cover your needs. Calculate the minimum disability insurance benefits you need by using this formula: Current Monthly Living Expenses - Reductions in Spending - Income From Other Sources = Minimum Disability Insurance Benefits Current monthly living expenses First, determine how much you're spending now. If you have a current monthly budget, you know how much money you need to maintain your lifestyle and spending habits. (And if you...

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Disability Insurance - Promark Insurance

If you were disabled and unable to work as a result of an accident or illness, what would you and your family do for income? Disability income insurance, which complements health insurance, can replace lost income. Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65. There are three basic ways to replace income: Employer-paid disability insurance This is required in most states. Most employers provide some short-term sick leave. Many larger employers provide long-term disability coverage as well, typically with benefits of up to 60 percent of salary lasting from five years to age 65, and in some cases extended for life. Social...

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Beware of social media when applying for disability insurance benefits, Mark D. Debofsky

Beware of social media when applying for disability insurance benefits A recent article published by Bloomberg Law offers a stark warning to disability insurance claimants who use social media. The article by Jacklyn Wille entitled "Facebook Has a New Friend: Disability Insurers" ( https://www.bna.com/facebook-new-friend-n73014475033/ ) discusses insurers' use of social media to investigate disability insurance claimants. And it is becoming more common that social media posts are cited as the basis for denying disability insurance payments. As social media usage has grown, disability insurers have increased their reliance on claimants' postings to furnish grounds for challenging disability...

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7 Things to Consider Before Buying Disability Insurance

7 Things to Consider Before Buying Disability Insurance Business owners buy insurance to protect many things: health, life, liability, vehicle, and inventory are just a few. But what happens if you become sick or are unable to work for a long period of time? Disability insurance replaces income lost due to injury from a catastrophic accident or illness beyond 90 days. It generally replaces 60 percent of the policyholder's income from the previous year, up until retirement age (normally around 65 years-old). Chris Peck, CEO of Stamford, Conn.-based CBP, an insurance brokerage firm that works with small and medium- sized businesses, says that disability insurance is usually not on a...

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Guide to Disability Insurance - Long Term Short Term Disability, Gunn-Mowery

Guide to Disability Insurance Imagine for a moment that you, or your spouse, suffered an injury or became sick and were unable to work for an extended period. It might be a matter of months — or years. Would you be able to pay the bills? No one likes to think about this situation — it’s scary. But what’s even scarier is not having a plan if it happens. According to the Council for Disability Awareness (CDA), over 25% of today’s 20-year-olds can expect to be unable to work for at least a year due to a disabling condition before reaching normal retirement age. What Is Disability Income Insurance? Disability income insurance helps you make a plan for this scenario. You choose a...

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Disability insurance

Your insurance portfolio is worth a regular examination Alexandra Glista-Harris In the practice of veterinary medicine, a regular examination is a routine part of a patient's overall health. Early detection can identify minor issues before they become serious problems. The same philosophy should also apply to your insurance needs. As a veterinarian, you probably recognize the value and importance of personal insurance for yourself and loved ones, but when did your insurance portfolio have its last “examination”? If you are uncertain about the answer to any of the preceding questions, maybe it's time your insurance portfolio had a thorough examination. This is why …...

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International High-Limit Temporary and Permanent Disability Insurance for Expats

International High-Limit Temporary and Permanent Disability Insurance If you are a professional expatriate, you may have already built a financial plan, with a 401K or other retirement accounts and maybe even life insurance. However, have you taken into account what would happen if you were disabled and unable to work as a result of either illness or injury? One in four of today’s professional expatriates will become disabled before reaching age 67, according to the U.S. Social Security Administration (Fact Sheet, February 2013). Additionally, 69% of the private sector workforce has no long-term or permanent disability insurance. A standard, employer provided disability policy may not...

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Disability Insurance - Frequently Asked Questions

McKennon Law Group PC is one of California's' leading bad faith insurance, ERISA, and consumer litigation attorney law groups. What is disability income insurance? What is the difference between an individual and an employer-provided disability insurance policy? How an insured obtained his or her disability insurance coverage plays a large role in determining which law governs the dispute, and in turn which remedies are available. First, if an insured purchased the insurance policy directly from an insurance company – for example, through an insurance agent, insurance broker or trade association – the insured owns an “individual disability insurance policy,” and state law will govern the...

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Employers dropping long-term disability insurance - Portland Press Herald

A rarely discussed component of many employee benefit packages is on the decline, and insurance providers in Maine say they are concerned that the problem is about to get worse. Providers of long-term disability insurance in the Portland area, a major hub for the industry, say they are witnessing a trend of employers dropping their standard disability insurance plans in favor of employee-paid, optional plans. The result is a higher percentage of employees opting not to participate in the voluntary plans, leaving more workers vulnerable to financial ruin if they suffer long-term illnesses or injuries. The insurers said employers’ uncertainty about the future costs of employees’...

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Disability Insurance Basics, Blog

Disability Insurance Basics Disability Insurance is designed to reimburse lost wages in the event of a disabling accident or illness. Different policies have different stipulations but nearly all require a waiting period before disability payments begin and will reimburse for a pre-defined percentage of your income, generally 45% - 60%. There are two broad categories, Long Term Disability (LTD) and Short Term Disability (STD). Premiums and waiting periods will differ between the two types along short term and long term category lines. Many people forgo disability protection because they don't think about it or assume that their employer's benefits or Social Security will provide for...

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