Disability Insurance
Disability insurance replaces part of your income if illness or injury keeps you from working. Short-term policies cover a period of weeks or months, while long-term policies can run for years.
The definition of disability in the policy is the single most important term. An own-occupation definition pays when you cannot perform your specific job, while an any-occupation definition is much harder to satisfy.
Availability
Hire Best Pros is not connecting people with disability insurance professionals yet. This page is here as background reading while we work on it. Everything we do cover today is listed in our service directory.
What people usually need
- Income protection for a primary earner
- Coverage for self-employed and contract workers
- Supplementing a limited employer policy
- Coverage for physically demanding occupations
- Coordinating with workers' compensation and Social Security
What to weigh before hiring
Read the definition of disability
Own-occupation coverage costs more and pays in far more situations than any-occupation coverage.
Elimination period
This is the waiting time before benefits begin. A longer wait lowers the premium but requires more savings to bridge the gap.
Taxation of benefits
Whether benefits are taxable generally depends on who paid the premiums and with what kind of dollars.
Common questions
- Isn't workers' compensation enough?
- Workers' compensation only covers work-related injuries. Most disabling conditions do not begin at work.
- How much income do policies replace?
- Policies typically replace a portion rather than all of income, which is intended to keep an incentive to return to work.