Did you know that more than 1 in 4 people will experience a disability before retirement? It’s crucial to know your options for protecting your future.
What is Disability Insurance?
Disability Insurance (DI), also known as disability income insurance or income protection, insures earned income against the risk of disability that prevents an individual from performing their job’s core functions. This can include psychological disorders, injuries, illnesses, or conditions that cause physical impairment.
Disability insurance encompasses paid sick leave, short-term disability benefits (STD), and long-term disability benefits (LTD). Statistics reveal that a disabling accident occurs on average once every second in the U.S. Nearly 18.5% of Americans are living with a disability, and 1 in 4 people in the workforce will face a disabling injury before retirement.
Types of Disability Insurance
| Type of Insurance | Description |
|---|---|
| Individual Disability Insurance | For those whose employers do not provide benefits or self-employed individuals seeking coverage. Premiums and benefits vary widely. Higher premiums are typical for policies offering more comprehensive coverage. |
| High-limit Disability Insurance | Designed to maintain individual disability benefits at 65% of income. Provides additional benefits, supplementing standard coverage. Monthly benefits can range from $2,000 to $100,000. |
| Key-person Disability Insurance | Protects a company from financial difficulties due to the loss of a key employee. Benefits may cover temporary staffing needs and expenses related to hiring a replacement. |
| Business Overhead Expense Disability Insurance | Reimburses businesses for overhead costs if the owner becomes disabled. Covers expenses like rent, utilities, employee salaries, and other monthly costs. |
To learn more about the right disability insurance coverage for you, feel free to reach out:
- Phone: (855) 543-6476
- Atlanta Office: One Glenlake Parkway, Suite 650 and 700, Atlanta, GA 30328
- Bridgeport Office: 1000 Lafayette Blvd, Suite 11, Bridgeport, CT 06604
- Email: Contact Us
Would you like to explore how disability insurance compares to other insurance options?