When a physical injury keeps you from working, disability insurance helps get the bills paid. There are many kinds of disability policies and options; however, the basic components are simple:

Monthly Benefit
Most disability policies have a fixed monthly benefit that does not increase with time, although you can purchase extra coverage, or riders, that offer higher payment schedules.

Definition of Disability
Whether it is "own occ," or "any occ," or the inability to perform the duties of your specific occupation, the inability to perform the duties of any job for which your education and training make you qualified.

Waiting Period
The amount of time you must be disabled before benefits kick in can range from one week to two years, and the longer you wait the less your disability policy will cost.

Benefit Period
The length of time you will receive monthly benefits can range from six months to life, depending on what you choose as well as what your insurance company is willing to offer you.

In addition to these variables, there are other coverage options, as well as a variety of important riders (Social Security, return to work, additional purchase, etc.) that should be considered when obtaining coverage.

If you have any questions about Disability Insurance or are not sure if you need coverage, please contact us for a needs assessment.