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Why You Need

Disability Insurance

In contemplating your valuable possessions, you may naturally focus on tangible assets such as your home, car, and retirement account. However, have you considered the significance of your ability to generate income? At the Dockins Agency, we firmly believe that one of your most valuable assets extends beyond physical touch or perception – it is your capacity to work. For the majority of individuals in the United States, maintaining their financial responsibilities would become exceedingly challenging, if not impossible, in the event of an injury or illness that renders them unable to work.

Disability income insurance serves as a vital financial safeguard designed to partially replace a significant portion of your income if you experience an incapacitating illness or injury. Referred to as "paycheck protection," this type of insurance, alongside life insurance, offers the necessary protection to ensure that your family does not face the risk of losing their home or other valuable assets in the event of an unforeseen circumstance.

Why Do I Need

Disability Insurance?

Many individuals underestimate their vulnerability to disability, but statistics from the U.S. Social Security Administration reveal that one in five Americans (56 million people) currently live with a physical or mental disability. Moreover, research suggests that one in four individuals who are currently in their 20s will experience a disabling condition before reaching retirement age.

In the absence of a robust disability insurance plan, your family could face significant risks in the event of an unforeseen circumstance. This is particularly true if you contribute to monthly household expenses or have a mortgage, as many American households rely on dual incomes to meet these financial obligations.

Relying solely on Social Security Disability benefits may not provide adequate protection, as qualifying for such benefits can be extremely challenging. The Social Security Administration employs a strict definition of "disability" and requires individuals to prove their inability to work in any occupation for which they possess the necessary qualifications based on education, job experience, and training.

However, purchasing disability insurance through an insurance professional offers a more favorable approach. Such policies often adopt an "own occupation" definition of disability, as opposed to the "any occupation" definition used by the Social Security Administration. Consequently, the burden of proving disability is alleviated, making it easier to demonstrate that you are unable to perform the specific occupation for which you are trained.

How does

Disability Insurance Work?

As insurance professionals, we would like to emphasize the importance of obtaining disability income insurance coverage. Similar to other insurance policies, it requires you to complete an application and make regular premium payments to ensure the policy remains active.

Disability income insurance can be obtained as a separate policy or as an additional endorsement to your existing life insurance coverage.

In the unfortunate event that you experience a disability, your policy will outline a specific "elimination period" before the benefits commence. Once this elimination period has passed and you are still unable to work due to disability, the policy will provide you with the benefit amount specified in the policy for the duration specified in the terms.

The monthly disability income insurance payments are specifically designed to offer you supplementary income during the period of disability when you are unable to work. This financial support can help you maintain stability by ensuring you can continue to fulfill your financial obligations, such as mortgage payments and other bills.

Let's Discuss Disability Insurance

Disability insurance provides paycheck protection by replacing a significant portion of your income if you become disabled. It ensures your family can maintain their standard of living, covering essential payments like the mortgage or rent.

Having personal disability coverage offers peace of mind, regardless of job changes, and helps avoid the delays associated with relying solely on Social Security Disability benefits.

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Frequently Asked Questions

Q: What are the advantages of Disability Insurance?

Disability insurance offers a significant advantage by safeguarding your income in the event of disability. It provides reassurance that your family can meet their financial obligations, such as rent or mortgage payments, even if you are unable to work. Moreover, having your own disability insurance proves beneficial even if you already receive disability coverage through your employer.

By obtaining a personal policy, you eliminate concerns about losing coverage abruptly when transitioning to a new job from your current employer. Furthermore, as mentioned earlier, purchasing disability insurance helps you bypass the frustrations and delays that can accompany reliance on Social Security Disability. This way, you can avoid the disappointment of discovering that the Social Security Administration does not deem you disabled as per their criteria.

Q: Can I afford Disability Insurance?

Obtaining a private disability income insurance policy or incorporating disability coverage into a life insurance policy proves to be remarkably affordable for the majority of individuals. Given the wide array of carriers and products available, you have the flexibility to customize your policy according to your budget and specific requirements. This can be achieved by adjusting the coverage amount, the duration of payments following a disability, the elimination period, and other optional policy features and benefits.

Since disability insurance is a health insurance product designed to safeguard your income, the cost of coverage is determined based on factors such as your health, lifestyle, occupation, and income level.

Q: Do I qualify for Disability Insurance? / What types of disabilities are covered?

While insurance carriers and disability policies may vary slightly, qualifying for coverage can be more attainable than anticipated. Typically, there is no need for a physical examination as a prerequisite.

Your policy will provide a comprehensive explanation of how "disability" is defined and whether any exclusions to coverage exist. In general, private disability income insurance policies consider you "disabled" when you are unable to continue working in your current occupation due to physical or mental impairments.

Q: When should I buy Disability Insurance?

The optimal moment to acquire disability insurance is the present, while you are in good health. It is advisable not to postpone purchasing coverage until your next substantial work bonus. Numerous policies offer customization options that incorporate cost-of-living adjustments, ensuring that your policy benefits increase alongside your income over time.

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