| If you and your loved ones depend on your
| |
| | disabled, you will not have to keep
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| salary for support, then you probably
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| | paying for your disability policy.What
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| need long term disability income
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| | are the conditions for renewing the
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| insurance.Think about it: if you were to
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| | policy? If you're policy is not
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| become disabled, even for a few months,
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| | automatically renewable, the insurance
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| how would you and your family manage? Who
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| | company has the right to cancel
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| would pay your bills? Disabling illness
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| | it.Payment period options are another
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| or injury is one of the leading causes of
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| | consideration. Some policies will only
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| bankruptcy in the United States.Most
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| | pay for a certain period of time,
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| people do not realize that their chances
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| | sometimes for only two years. Other
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| of becoming disabled are greater than
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| | policies last a lifetime. The most
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| their chances of dying prematurely. Yet
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| | popular policies pay benefits until you
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| they are more likely to buy life
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| | reach retirement age, when you can begin
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| insurance than disability insurance. For
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| | to collect Social Security payments.Most
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| this reason, people in the insurance
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| | policies have a residual disability
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| industry call disability "the forgotten
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| | clause. If you suffer a disability, very
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| risk.' According to statistics from the
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| | often you will return to work part-time
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| Journal of the American Society of
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| | at first. Or because you were off work
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| Chartered Life Underwriters, if you are
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| | for a while, it may take you time to
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| age thirty to fifty-five, your chances of
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| | build your business back to the level it
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| becoming disabled are two to three times
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| | was before you became disabled. Your
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| greater than your chances of dying.If you
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| | insurance should provide income for both
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| are thirty-five years old, you have a
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| | these scenarios.Check over the policy for
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| 50:50 chance of experiencing a disability
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| | a recurrent disabilities benefit. A
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| lasting last three months or longer
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| | recurrent disability is one that happens
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| before you retire. One in seven workers
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| | after you recover from your original
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| will become disabled for more than five
| |
| | disability. Your insurance should waive a
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| years before he or she reaches age
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| | new waiting period and/or not require
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| 65.Many people mistakenly believe that
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| | proof that the two disabilities were
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| the government or Worker's Compensation
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| | related.When you buy disability
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| will pay them an income if they become
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| | insurance, you buy it according to your
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| disabled. Actually, more than 80% of the
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| | income level. The more money you make,
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| people who apply for Social Security
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| | the larger the benefit of your policy.
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| disability benefits are rejected. Social
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| | But you also have to figure that your
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| Security does not pay benefits for
| |
| | income will rise as you get older. For
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| partial or short-term disability. Your
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| | this reason you want a future increase
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| disability has to either last a year or
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| | rider or automatic increase rider. These
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| be expected to last a year before you can
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| | riders allow you to keep your policy but
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| collect Social Security. Worker's
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| | increase the amount of your benefits
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| Compensation pays only if you were
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| | based on your increased earnings as you
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| injured on the job and benefits are often
| |
| | grow older.When you buy your insurance,
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| limited to a few years.Your health
| |
| | certain factors will affect your price.
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| insurance will cover your hospital,
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| | You will pay less for the insurance if
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| doctor and other medical bills, but you
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| | you decide to replace 50% of your income
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| will still not have a salary. Long-term
| |
| | instead of 80%. You also pay less if you
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| care insurance only covers bills from
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| | opt for a longer elimination period. The
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| nursing homes or assisted care center.
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| | insurance company factors in your current
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| Disability insurance, however, does not
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| | health and may exclude preexisting
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| pay bills. Instead the insurance company
| |
| | conditions. Women and smokers may pay
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| gives you money on a regular basis. It is
| |
| | more for disability insurance because
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| designed to replace your salary so that
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| | they make more claims than non-smoking
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| you and your family will not experience
| |
| | males. If you are in a high-risk job,
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| financial hardship during any period when
| |
| | your policy may cost you more.Disability
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| you are too sick or injured to work.What
| |
| | insurance policies can be confusing. It
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| should you look for when you are buying
| |
| | is always best to sit down with a
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| long term disability insurance? First,
| |
| | professional insurance agent to discuss
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| the insurance company itself should have
| |
| | the terms of the policy together and to
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| a top rating from Moody's, A.M. Best, and
| |
| | ask questions until you completely
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| Standard and Poor. These agencies rate
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| | understand the details of the policy
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| companies in terms of capitalization,
| |
| | quotes being presented.Launching his
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| growth, earnings and other indicators of
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| | insurance career in 1985, Gary Stuart
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| financial stability.Secondly, you should
| |
| | successfully built and cultivated an
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| make sure you understand the terms of
| |
| | agency, which specialized in all aspects
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| your policy. Some policies require a
| |
| | of group health, life, long term care,
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| waiting period before you start receiving
| |
| | disability income insurance and more! In
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| benefits. For example, your policy may
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| | 2000, Gary translated his more than 15
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| have a six-month waiting period before
| |
| | years of experience in the insurance
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| benefits are paid. In this case, your
| |
| | industry to the development of which
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| benefits would begin six months from the
| |
| | provides consumers with an opportunity to
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| time of disability.The waiting period is
| |
| | learn more about their insurance options.
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| often called the elimination period.
| |
| | Gary recognizes education as the key to
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| Choices usually range from 30 days to 720
| |
| | purchasing a policy best suited to the
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| days.Look for a waiver of premium
| |
| | needs of the individual.
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| provision. This means if you become
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| |
|
