Are you interested in learning more about Individual Disability Income Insurance in Atlanta & other parts of Georgia? If so, Bering Insurance Partners can help. Depending on your specific situation we may have several different options for you.
What is Disability Income Insurance?
Disability Income Insurance, commonly referred to as just Disability Insurance, is a type of coverage that provides income to a policyholder who experiences a disability. For the purposes of this article we will be referring to private disability insurance policies, as opposed coverage that may be offered by a government.
Most policies are going to contain 3 primary components, which will play a large part in determining how the coverage responds. Those components are the monthly benefit amount, the elimination period, and the benefit period
Benefit Amount – This is going to be the monthly dollar amount that you receive if you have a covered disability claim on the policy. With most insurance companies this amount is going to be limited to a certain percentage of your current income. Depending on the dollar amount you are looking for, you may have to provide financial documentation (tax returns), in order to qualify.
Elimination Period – The elimination period is the amount of time that you would have to be disabled before you start receiving a benefit from the policy. You will usually have a range of choices to choose from when you purchase a policy. Depending on the insurance company, this could be anywhere from 30 days to 2 years. Some short term disability polices may have elimination periods that are less than 30 days.
Benefit Period – The benefit period is the amount of time that you will receive benefits if you are deemed to be disabled. Again, this is something that can be as short as a few months or all the way until you reach retirement age. If you purchase a policy at a younger age that lasts until retirement, this means the benefit period could last several decades.
In addition to these main components, many disability insurance policies will included a number of other built-in features as well as other options you have the choice of adding on.
Why Would I Need Disability Insurance
You may not realize this, but studies have shown that over the course of someone’s working career, they have a 25% chance of being disabled. Some of the top causes of long-term disability include;
- Musculoskeletal Disorders – which can include injuries such as; Carpal Tunnel Syndrome, Tendonitis, Muscle & Tendon Strain, Ligament Sprains, Rotator Cuff Injuries, and Neck Tension among others.
- Cancer
- Mental Illness
- Other Physical Injuries
As you can see, these are very common injuries. In fact, you probably know one or more people who have experienced these. If you are purchasing a disability income insurance policy, you will want to verify exactly what the policy will cover because it can vary between insurance companies and policies.
Individual Disability Insurance Coverage vs. Coverage Through Work
Similar to life insurance and other types of coverage through work, it is a nice benefit to have. However, unless you plan on working forever or staying with the same employer, you should consider getting a policy that you personally own. Group coverage through your employer is usually cost effective, but it does have some limitations. It may not provide enough coverage for your specific circumstance, and if you change employers, you may not be able to take it with you and continue the coverage. If you purchase an individual disability insurance policy, it’s attached to you and not your employer.
Who Should Purchase Disability Income Insurance?
Disability Insurance is a good idea for anyone. However, there are some specific professions where it is a more common purchase. Some of those include
- Accountants & CPA’s
- Architects
- Consultants
- Corporate Executives
- Dentists
- Engineers
- Sales Professionals
- Physicians & Doctors
- Optometrists
- Real Estate Agents & Brokers
- Lawyers & Attorneys
- Nurses
- Self Employed Individuals & Business Owners
- Software Engineers & Computer Programmers
- Veterinarians
You may not see your profession listed here, but it still may be a good idea to consider getting disability coverage. If you are concerned about protecting your income, if you were to become disabled, then this is something you will want to consider.
Let Us Help You Get Individual Disability Insurance In Atlanta & Georgia!
If you have any questions about disability insurance, or you are interested in getting quotes, please feel free to contact us. You can call us at 404-781-9415, or use the form to the right to have one of our representatives contact you. As an independent agent offering individual disability insurance serving Atlanta & Georgia we would love to see how we can help you.