Disability insurance pays a monthly benefit to the insured person after they suffer a disability. Contracts have their own unique definition for what disability means.
Some contracts define total disability to mean you are unable to perform the duties of your regular occupation for the first 24 months. Thereafter total disability will mean your inability to perform any occupation for which you are reasonably suited for by reason of education, training and experience.
Other contracts define total disability to mean your inability to perform the duties of your regular occupation for the full benefit period due to injury of illness. The benefit period can be 2 years, 5 years or up to age 65. Total disability will not exist if you are working in another occupation or working part-time.
Yes, these definitions can be confusing, but if you work with Vistaplan Financial Group, we will help you understand the ins and outs of each policy, and which contracts have the best definition for you.
To get a disability insurance quote we will need to know the following:
What is your occupation? – Your occupation (what you specifically do daily) will determine which company we can use for the quote and which product within that company is right for you.
What is your date of birth? – Your age determines the rates we can use.
Do you smoke? – You need to let us know if you smoke and what you smoke. Having a cigarette even twice a year means we have to quote you a smoker.
Monthly income benefits you want - With private disability contracts, you purchase a maximum month benefit based on your current income - usually around 70% of your income.
The condition of your health, and if you can pass a medical – Depending on your age and the amount of coverage you need will provide the medical information required by the insurance company.
Disability insurance is the most overlooked protection by those who are self-employed. Yet if a long-term disability occurs and you must close the business, disability insurance is the only tool that will provide you with a constant income for family and personal needs.
Business owners often say that they are the last to get paid - and in many businesses that is a true statement. But if you are last to be paid when you are healthy, what will happen if you cannot work for 2, 3, or 5 years?
At Vistaplan Financial Group our focus is to help you understand the complexities of disability insurance.
Call us if you would like a quote that fits your budget and a plan that provides you the peace of mind you are looking for.