Disability Insurance in Charlotte, NC

Protecting Your Income In The Event of Illness or An Accident.

For a person in working years, his/her most valuable asset is not the home or pension plan. It is the ability to earn a living. If that ability is cut short either temporarily or permanently, there is a significant in our standard of living. Disability can come out of the blue. It can be an accident that can change our life in a second. It can come in the guise of an illness.

Disability can be more disastrous financially than death. If you are disabled, you lose your earning power, but you still have living expenses and often huge expenses for medical care. Disability insurance helps you replace lost income. Many employers offer some type of disability insurance coverage for employees, or you can get an individual disability insurance policy. There are two types of disability policies: short-term disability (STD) and long-term disability (LTD). Short-term disability policies have a maximum benefit of two years, while long-term disability policies have benefits that can last the rest of your life. When purchasing disability insurance, ask:

  • How is disability defined? Some policies consider you disabled if you are unable to perform the duties of any job. Better plans pay benefits if you are unable to do the usual duties of your own occupation. For professionals such as doctors, the definition will pertain to their individual specialty for example a hand surgeon or a trial attorney. Policies will often pay even if you retrain in another profession so long as you are prevented from working at your regular profession.
  • When do benefits begin? Most plans have a waiting period after an illness before payments begin. This time is called an elimination period. It can be as short as the first day following an accident or as long as a year. Most people choose a 30 or 60 day period.
  • How long do benefits last? After the waiting period, payments are usually available till you reach age 65, though shorter or longer terms are also available. Maximum benefits per claim will vary depending on the choices you make.
  • What dollar amount is available? Coverage will be based upon your current income and the amount of coverage you may already have. Individual coverage is usually income tax free assuming you pay the premiums with after tax dollars.

Some of this information was provided from: USA.gov

Some benefits may be reduced by Social Security disability and workers' compensation payments. Are the The benefits can adjusted for inflation?. Will the Some policy provider policies will continue making contributions to your pension plan so you have retirement benefits when the disability coverage ends?. Options will allow coverage to be customized for your individual needs. The lowest cost policy is not always the best policy. A Volkswagen and a Rolls Royce are both cars but they are worlds apart in cost. The same principal applies to disability. What is the best coverage for you?