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