How to Insure Your Income: A Step by Step Guide to Buying by The Silver Lake Editors
By The Silver Lake Editors
Presents vital proof approximately incapacity assurance, the least recognized but pretty much wanted assurance.
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Extra resources for How to Insure Your Income: A Step by Step Guide to Buying the Coverage You Need at Prices You Can Afford (How to Insure...Series)
Sample text
This chapter explores some basic definitions and concepts regarding traditional forms of income insurance. An understanding of each of these terms is important because, as a consumer, you must be able to understand how the policy will work if you become disabled. Benefits will be paid in accordance with the policy's terms and conditions. Accident The term accident usually is defined as an unintended and unforeseen event that results in bodily injury. This is referred to as an accidental bodily injury definition and is considered very liberal, since it relates the definition of an accident to a result that is caused by an unintentional event.
Computing an Average Long-Term Disability Loss Total monthly income to be insured Average duration of a disability that lasts at least 90 days x Average long-term disability loss As you can see, a long-term disability can create a six-figure loss. The key to staying in good financial shape is covering that monthly figure. As we've noted already, group disability usually will cover just a fraction of your base salary. The disability needs assessment worksheet gives you one of the numbers you need to tell your insurance company or agent: your monthly cost of livingthe basis of your income insurance needs.
Disability income policies are issued on an individual basis or on a group basis through an employer-sponsored plan, labor union or association. Benefits paid are in accordance with the policy's provisions and, to a degree, your loss of income. Some states (California, Hawaii, New Jersey, New York and Rhode Island are the best known) provide state benefits for non-occupational disabilities. The amount of the benefits will vary depending on the state. Generally, the state plan will provide 50 percent to 60 percent of your wages for a limited period of timesuch as six to 12 months.