Disability Income Insurance

Disability Income Insurance

EVERYTHING THAT YOU HAVE AND HOPE TO PROVIDE FOR YOUR FAMILY RESTS IN YOUR ABILITY TO EARN A LIVING.

It is often assumed that one’s home or bank account is our primary asset. But individuals often forget that without the ability to earn a living, they’re unable to maintain the household.

Your ability to continuously receive income is the number one component of a successful financial plan for those who are still in their working years. Disability Income insurance not only helps ensure that your expenses are covered today, but it also helps you continue planning for your future, with the least possible financial constraints.

What Our Medical Field Clients Have To Say

Dr. Rene Aviles on Disability Income policies

Dr. Joseph Taub on Disability Income policies

Dr. James Horan on Disability Income policies

Other Professionals:

Dr. Rosie Aviles on Disability Income policies

Gery Rodriguez on Disability Income policies

Theresa Minnis on Disability Income policies

How to design the policy that’s right for me?

Definition of Disability

Definition of Disability

BEWARE: every company defines disability different. Some Pay benefits if you can’t perform the duties of your job and others only pay if you’re unable to work at all. Partial disability and residual benefits for Specialists: Physicians, Surgeons, Attorneys, Dentists and other professionals could receive benefits, even if they’re able to continue to work in a reduced capacity.

Benefit Level

Benefit Level

Disability Income Protection typically pays between 40%-65% of your earnings at the time you purchase your policy.

Noncancellable vs. Guaranteed Renewable

Noncancellable vs. Guaranteed Renewable

Noncancelable means the insurance company can NOT cancel, increase premiums or reduce benefits of your policy as long as premiums are paid. Guaranteed Renewable means that the insurance company can NOT cancel your policy, but they reserve the right to increase premiums based for an entire class (but not based on your individual circumstances).

Benefit Period

Benefit Period

Several options: Choose to receive benefits for 2, 5 years, and even all the way to age 70. Additional options for medical residents and newly graduated professionals, including: student loan repayment, future increase in benefit (based on income increase, cost of living adjustment rider (COLA), among others.

Definition of Disability

Definition of Disability

BEWARE: every company defines disability different. Some Pay benefits if you can’t perform the duties of your job and others only pay if you’re unable to work at all. Partial disability and residual benefits for Specialists: Physicians, Surgeons, Attorneys, Dentists and other professionals could receive benefits, even if they’re able to continue to work in a reduced capacity.

Benefit Level

Benefit Level

Disability Income Protection typically pays between 40%-65% of your earnings at the time you purchase your policy.

Noncancellable vs. Guaranteed Renewable

Noncancellable vs. Guaranteed Renewable

Noncancelable means the insurance company can NOT cancel, increase premiums or reduce benefits of your policy as long as premiums are paid. Guaranteed Renewable means that the insurance company can NOT cancel your policy, but they reserve the right to increase premiums based for an entire class (but not based on your individual circumstances).

Benefit Period

Benefit Period

Several options: Choose to receive benefits for 2, 5 years, and even all the way to age 70. Additional options for medical residents and newly graduated professionals, including: student loan repayment, future increase in benefit (based on income increase, cost of living adjustment rider (COLA), among others.

Discounted rates are available through different organizations, associations and hospitals that you could be eligible for.
See if you qualify by emailing us your affiliations and start saving!

“Applying is such a long process; I don’t know when I’ll have time. I can always do it next year.”

  1. Applying for DI is NOT a difficult task, and it doesn’t take much of your time. Actually, applying for a mortgage loan takes longer, and you still go through it.
  2. If you’re working with an experienced agent and you’ve provided all the necessary documentation, the process can be a very simple one. To get an application process going you must do the basic “Keaney Tres Pasos”:
      • Complete and Sign an application (paper or online format available)
      • Complete a 30min Paramedical Exam
      • Provide us with the 2 most recent tax returns.

“If I become disabled, then my partner(s) would just buy me out.”

Most buy-sell agreements have funding and clauses in place in the event of a partner’s death. But what most of them DON’T is disability buy-sell insurance. Partners often overlook the fact that death alone isn’t the only unexpected cause of dissolution. And while most protect their income at the individual level, some forget to protect the interest of the partnership at the business level. We don’t. We can help!

“There’s government help, and I also have benefits through work. I don’t need my own disability policy.”

  1. Social Security- The average monthly SSDI benefit is $1,100.
  2. Savings & Investments- If you currently save 10% of your income per year, one year of disability (without a Disability Insurance policy) could use up to 10 years of savings and investments
  3. Group Disability benefits from work- Benefits are often taxable, which means you receive less. Many programs cover the base salary only and have a cap on benefits.
  4. Bank Loan- What bank will lend you funds if you’re unable to earn a living? How would you pay the debt service if you remain disabled?
  5. Friends & Family- They may be willing to “chip in”, but their resources may be limited.
  6. Spouse’s income- Can your spouse work, care for you and manage the household altogether?

“It seems expensive. I could just save an equal amount to the premium in a savings account and self-insure.”

  1. True. You can. However, you only get what you’re able to save, and being that disability is an unpredictable event, will you have enough to last you as long as your disability does and still have funds for your survivors after you?
  2. Think differently:
      • Consider a position offering you a base salary of $350,000 p/y with no Long Term Disability benefits.
      • Now consider the same hospital offering you a reduced salary of $343,000 p/y but with a Long Term Disability benefit that ensures you would receive 60% of your pay even if you couldn’t go back work due to disability.
      • Is it not worth 2% of your pay to ensure you can continue to receive 60% of it if you can’t perform the duties of your specialty?

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