Disability Insurance
One of the most overlooked aspects of future planning
Our team can provide you with solutions for if you can no longer work
Disability insurance is a financial safety net designed to protect individuals from the potential loss of income due to a disabling injury or illness. Unlike health insurance, which covers medical expenses, disability insurance provides replacement income when a person is unable to work and earn a living.
There are two main types of disability insurance: short-term disability (STD) and long-term disability (LTD). Short-term disability typically covers a shorter period, often a few months, and provides a percentage of the individual's salary if they are temporarily unable to work due to illness or injury. Long-term disability insurance, on the other hand, kicks in after a longer waiting period (often several months) and covers a more extended period, sometimes until retirement age if the disability prevents the person from returning to work.
Disability insurance policies vary widely in terms of coverage, premiums, and qualifying conditions. Some policies cover only total disability (where the individual cannot perform any job), while others may cover partial disability (where the person can work but not in their usual occupation). Premiums are often based on factors like age, health, occupation, and the level of coverage desired.
Integrity focuses on policies that are designated as "OWN Occupation" which pays benefits to the covered insured when they are unable to perforem their specific occupation or specialty, even if they are able to reenter the workforce in a different position.
Having disability insurance can provide peace of mind by ensuring financial stability during a challenging time, allowing individuals to focus on recovery without the added stress of lost income and financial hardship.
Why Integrity?
Using an experienced agent to purchase disability insurance ensures that you receive personalized guidance and expertise throughout the process. Our agents have in-depth knowledge of the insurance market, policies, and coverage options available, allowing them to match your specific needs and circumstances with the most suitable insurance products.
An experienced agent can help navigate the complexities of disability insurance policies, explaining key terms, exclusions, and benefit options in clear terms. They can also assist in determining the appropriate coverage amount based on your income, lifestyle, and financial responsibilities, ensuring you are adequately protected in case of disability.
Furthermore, we have relationships with multiple insurance carriers, enabling us to compare quotes and find competitive rates for you. We can use these connections with admitted carriers as well as surplus carriers like Lloyds of London to tailor a product solution which satisfies your full coverage needs. We will advocate on your behalf during claims processes, ensuring you receive the benefits you are entitled to without unnecessary delays or complications.
Ultimately, using an Integrity agent provides peace of mind that you have made an informed decision and secured the best possible disability insurance coverage for your needs.
Standard Disability through Admitted Markets
Regular disability insurance through admitted markets typically replaces a percentage of an individual's income—commonly between 50% to 70%—if they become disabled and unable to work due to injury or illness. These policies are regulated and offered by insurance companies licensed in the state where the policyholder resides, ensuring they adhere to state laws and financial regulations.
It's essential to buy disability insurance to safeguard against the financial impact of losing the ability to work. For most people, their income is their most valuable asset, supporting daily living expenses, mortgage payments, and savings goals. Disability insurance ensures that if an unexpected disability occurs, the policyholder can continue to meet these financial obligations without depleting savings or relying on family support.
Moreover, disability insurance offers peace of mind, allowing individuals to focus on recovery rather than worrying about how to maintain their standard of living or cover essential expenses during a challenging time.
Enhanced Disability through Surplus Markets
Long-term disability insurance for high income individuals typically offers enhanced coverage compared to standard policies. These plans often provide higher benefit amounts when used in conjunction with a standard policy, sometimes replacing up to 70-80% of the insured individual's pre-disability income. They may also include additional features such as cost-of-living adjustments to account for inflation, coverage for partial disabilities that allow the insured to work in a reduced capacity, and benefits that extend well into retirement age if necessary, as well as large lump sum payments if chosen.
High income individuals should consider purchasing such policies to protect their substantial assets and maintain their lifestyle in the event of a long-term disability. Unlike standard disability insurance, which may not fully replace a higher income, these tailored plans ensure that financial obligations like mortgage payments, education expenses, and ongoing investments are covered. This coverage provides peace of mind by safeguarding their financial stability and allowing them to maintain their quality of life during a period of incapacity.