Business & Commercial Insurance

Business & Commercial Insurance Information

Income Replacement / Disability Insurance

Your most valuable (and largest) asset is your paycheck, the one thing that makes owning all other assets possible.  Protect Your Income-Your Greatest Asset

From what we know, your income is not well protected and very underinsured in the unfortunate event you get sick or hurt and cannot work.  Quality Income Replacement protection is probably needed more than any other type of insurance. 

The chance of becoming disabled is much higher than you might expect (attached statistics all say the same thing – there's a good chance it could happen to you).  If you pay to protect your house, it sure makes sense to protect your paycheck (you are 20 times more likely to get disabled for over 4 years than have a house fire)

A catastrophic financial problem awaits if you …

1.      Believe that you are adequately covered by Group Long Term Disability insurance (G‑LTD) if/when an accident or illness prevents you from performing your job (this relatively cheap employee benefit does not provide adequate coverage for highly-compensated employees and professionals, and is therefore defective

2.      Think because you have a safe office job, you won't get disabled (accidents are NOT often the culprit - neurological issues, cancer, heart disease and other illnesses cause the majority of long-term absences).  

3.      Think because you have a good healthy lifestyle, you won't get disabled (it lowers your odds, but most disabilities have nothing to do with what we do)

G‑LTD is only meant to be basic coverage for the average employee.   Group LTD Has Major Drawbacks 

employer is required to cover everybody, including high risk individuals, regardless of their health.  In order to make it affordable, coverage is restricted.  The problems for those earning over $100,000 a year typically include… 

A.           Inadequate Definition of disability for professionals (benefits discontinued if you are able to perform ANY occupation, like McDonald's, and only covers a total disability, not partial which is more likely). 

B.           All Income Not Covered (excludes commission, bonus, stock, and overtime -- only covers Base pay)

C.           Reduced Benefit Payments  (Pays 60% of your base pay with a maximum taxable monthly payment as low as $5,000, or $60,000 a year.   The calculated payment is further reduced by any monies received from Workman's Comp, SDI - State Disability, and Social Security Disability).

D.           No Ownership, No Guarantees (you are renting non-portable coverage that can be changed or canceled at any time). 

E.           Claims (Unlike Life insurance, claims are subjective, challenging and arbitrary.  Because of the cost, procedures, and likely negative outcome to contest a G‑DIS wrongful claim denial under ERISA, attorneys say you are literally at the insurance company's mercy.)  

The solution?  Do what financial experts recommend as the intelligent decision to protect both you and your family.  Eliminate the risk of catastrophe and close your income replacement gap by supplementing G-LTD with quality individual coverage -- a non-cancelable, guaranteed renewable Disability policy (protects your standard of living by paying benefits in addition to all other disability payments if you are unable to perform your own occupation either full or part-time).  

The cost is relatively inexpensive (when you consider the risk involved and compare it to the cost of other insurance like your home and auto protection).  You can either make a little mistake by having coverage and not becoming disabled, or a big mistake by not having coverage and becoming disabled.  We can help tailor the coverage, options and cost to fit your needs.  

A last thought – people buy Life insurance to protect their family from financial disaster, but it is 4.5 times more likely to become disabled than die.  Having income disrupted by an illness or injury is repugnantly referred to as a living death -- all the problems of passing away plus the expense (can be over $200,000 a year) and possible indignity of adding to it.


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