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FAQ's
When Is The Best Time To Get A Disability Policy?
Premiums are based on how old you are and how healthy. So the best time
to buy a disability policy is when you are young and healthy.
What Is The Difference Between Group and Individual Policies?
Individual Disability Policy
- Designed to replace 60% of income. (ex. Bonuses)
- Policy benefits come to you tax-free.
- Usually 90 day elimination period.
- You can receive partial benefits if you become partially disabled.
- You own the policy so if you switch employers the policy moves with you
- Usually not integrated with Social Security. Which means you can receive Social Security and benefits from your disability policy at the same time.
Group Disability Policy
- Designed to replace 60% of base salary.
- Bonuses and commission income is often NOT covered.
- Annually Renewable, which means that the price can change every year or the policies, can even be cancelled.
- Usually employer paid which means if you were to become disabled you will have to pay taxes on your monthly benefit. So in reality you are receiving much less that 60% of your salary.
- Usually a 6 month elimination period where you would have to be disabled for 6 months before receiving benefits and the definition of disability might require you to be totally disabled.
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