Disability insurance provides income protection for individuals becoming disabled for a short time but able to go back to work. If you have another disability due to an illness or injury, you will still be able to use the policy.
A personal paycheck protection policy could have several claims during your working career. Long term coverage can be included in a personal disability plan, and even if you receive Social Security your personal disability benefits are paid in addition, plus your personal disability claim checks are NOT TAXABLE.
To get a Social Security Disability Insurance check you must be disabled at least one year and the disabled must be deemed permanently unable to work any occupation. These days, this type of government support is very hard to qualify for and usually requires the services of a claims lawyer, so it provides no short-term protection and probably will not be enough to cover your bills anyway.
Thomas & Associates in Jacksonville Florida can help you get your paycheck protected from serious illness or accident, on or off job injury, for both short and long-term disability.
If your paycheck stopped coming in, how long could you sustain your lifestyle? For most, six months or less would be the answer. You probably carry some type of home insurance and car insurance, but you may not have personal paycheck protection.
However, if you lost your paycheck due to a disability, you may not be able to continue to maintain your way of life. With the right individual disability insurance, your income will be protected. You won’t have to worry about counting on Social Security, which will be far less than you are used to receiving in your paycheck.
This type of insurance will provide you with a percentage of your salary based on the guidelines set by your policy. If you become disabled, the insurance will kick in and will help to meet your needs. You get to customize the policy in three ways:
If your employer doesn’t offer disability insurance quotes or the protection isn’t very good, you need an individual disability insurance policy with paycheck protection. Most employer-provided plans are very limited and won’t move with you when you change jobs. However, with an individual policy, you can change jobs without worry and the policy goes with you.
You may be wondering why you need disability insurance. You may be thinking it will never happen to you. Did you know:
If you currently don’t have an individual disability insurance policy, call Thomas & Associates in Jacksonville to receive your Free Quote today!
Self-employed business owners should also be protected by disability insurance. They need a BOE or business overhead expense policy to ensure their business can run smoothly, while they are disabled due to illness or accident. The BOE policy will pay a monthly benefit based on actual expenses of your business. It’s designed to help businesses with only a few employees or one person businesses continue to produce revenue after the owner suffers a disability.
Some of the expenses BOE coverage will pay include:
The policy can be customized to fit the expenses of your business. You can even add a substitute salary expense rider to ensure a temporary replacement taking over for you is paid a salary.
You may be trying to make the difficult decision between accident insurance and disability insurance. With accident insurance, you will be paid a lump-sum of cash to help with the costs of your injury. This can help with co-pays for treatment, out-of-pocket expenses and other expenses associated with your injury. However, accident insurance will not help to replace your income.
Disability and accident insurance can work together to ensure you have better coverage and benefits. In the event of an accident or illness causing a short-term or long-term disability, the accident insurance will help with some of the out-of-pocket expenses, while the disability insurance will help replace some of your normal income. This combination will ensure your bills remain paid and your disability doesn’t drain the benefits from your disability insurance.
The lump-sum you receive from accident insurance may help protect your new source of income. You will have a better chance of not only avoiding bankruptcy, but also keeping your lifestyle from changing when you use these two types of insurance together.
It’s a good idea to understand both accident and disability insurance. Speaking with a Jacksonville insurance agent from Thomas & Associates will ensure you receive correct answers about both types of insurance. We will help you choose the right policy to fit your specific budget and your specific needs.
Give us a call today and receive your Free Disability Insurance Quote before it’s too late!