Disability Income Insurance is a form of insurance that insures the beneficiary’s earned income against the risk that a disability will make working, and therefore earning money, impossible. It includes paid sick leave, short-term disability benefits, and long-term disability benefits.
More than a quarter of today’s 20 year-olds will become disabled, according to the Social Security Administration (SSA). No matter what job you have. It does not have to be a freak injury that prevents you from working – back injuries, cancer, heart disease or other illnesses are the majority of the reasons for long-term absences.
Are you prepared if you can’t work due to a long-term disability? The average long-term disability last 2 1/2 years; do you have the emergency savings to cover being away from work that long? If not, you need to make sure you have long-term disability insurance, which is an area of NSI expertise.
NSI individual disability insurance offers multiple options for coverage, and a policy can be tailored to your needs. Furthermore, since individual disability insurance policies are paid with after tax dollars, you don’t pay taxes on the benefits you receive on an individual disability claim.
Group insurance is mandated by most states, but employers differ as to the type of coverage offered. Many employers offer income protection coverage in the form of sick leave. About half of employers offer group disability insurance. Benefits from group disability insurance typically last until the retirement age. Most group disability plans are not guaranteed in any way, and can be terminated at any time the employer or the insurance company decides to stop offering it. Ask us about group insurance details.
INFORMATION DISCLAIMER: Insurance coverages may vary depending on location, policy, and individual business. Please talk to a licensed agent about coverages in your state. The definitions and material on reliancepartners.com make no warranty as to state or federal law. Insurance policy coverage may vary depending on the specific terms, definitions, and individual policy exclusions.
