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      Disability Income Insurance

 Disability Income Insurance Quote Forms

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            Disability Income Insurance Quote Form

Disability Income Insurance

  Disability insurance can replace a portion of the salary you were making before you became disabled and unable to work after a serious injury or illness. But before you seek coverage, you should first understand the different types of disability definitions used by insurers.

Definitions of Disability
Different policies offer many characteristics and definitions for disability including:

Any Occupation: This is the strictest definition in which the insured is considered disabled only if he or she is unable to perform any duties pertaining to any occupation.

Modified Any Occupation: Disability applies only if you are unable to perform any duties pertaining to any occupation for which you have been trained, received education or have work experience.

Own Occupation: This is the most flexible definition for liability. You are deemed to be disabled if you are unable to engage in the principal duties of your own occupation.

Split Definition: This definition can be within one's own occupation for a specific time period or with any occupation after the maximum benefit period has passed.

The Impact of Disability Definitions
How your disability policy defines disability will influence many things including:

When you are eligible to receive benefits

  • How much the policy will cost - the stricter the definition, the higher the cost
  • How long the benefits will last

 Obtaining Coverage
You can obtain disability coverage on your own or through your employer. Many of these policies have dual definitions of disability and others have restrictive provisions. Most group policies offered through work usually end after you leave your employer, or may only pay benefits for a specific amount of time or have caps on the amount of monthly benefits you can receive (ie. max of $5,000 per month). If the employer pays the premium, the benefits are taxable income to the employee. If the employee pays the premium, then the benefits are tax free. 

Disability insurance providers rate their premiums based on your job and the level of risk involved in doing that job. Moreover, certain risky careers - skydiving or deep-sea diving instructors,  etc. - may not even qualify for coverage.

Other factors to consider when obtaining coverage include:

Elimination Periods: This is the amount of time you have to wait before benefits are paid after your disability begins - the longer the elimination period, the lower the premiums

 Disability Insurance Riders: As with any type of insurance you can add additional features to your coverage for an additional premium. These may include:

    • Guaranteed Insurability:
    • Retroactive Injury Benefit
    • Residual Disability
    • Cost of Living adjustments (COLA.)
    • Activities of Daily Life
    • Return of Premium
    • Family Accident
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