While no one likes to think they will suffer from a situation that leaves them unable to work, it is more common than other emergencies commonly covered by insurance and should be utilized by every family. While you face a 1 in 100 risk of losing your home to a fire, you face a 1 in 4 risk of suffering from a disability that inhibits your work. Disability income insurance may be provided by your employer, but the coverage is nowhere near as comprehensive or efficient as a private disability income insurance policy.
What is Disability Income Insurance?
Disability income insurance is a type of insurance policy that provides financial benefits in the event of a debilitating injury or illness that prevents you from working. The policy covers short-term disability benefits, long-term disability benefits, and paid sick leave. Disability income insurance encompasses debilitations that happen both on the job and off the job. Unlike the disability coverage of Social Security, disability income insurance covers approximately 70% of the policyholder’s salary to assist in providing for themselves and their family should the ability to work become inhibited.
Who Needs Disability Income Insurance?
What Disability Income Insurance Options Do I Have with Mark Deaton?
A disability income insurance policy with Mark Deaton provides you with a variety of benefit periods and coverage options:
The maximum benefit period is the longest amount of time for which monthly disability benefits are payable for any single period of a disability. Once the disability concludes, the benefits reset.
2-Year – A 2-year benefit policy protects your income with 2 years of disability income payments.
5-Year – With a 5-year benefit period, your income is protected with 5 years of disability income payments.
To Age 67 – A benefit period to age 67 encompasses all of your working years and protects your income with disability income payments until you reach retirement age.
A disability income insurance policy from Mark Deaton allows you the customization option to establish the monthly benefit amount provided by your policy, based on your income and subject to certain limits.
All disability income insurance policies come with an elimination period that you may select, which serves as your out-of-pocket cost or deductible. Select from a 30-day, 90-day, or 180-day period. Once your chosen elimination period passes, your benefits will begin to be paid.
Additional Features and Benefits:
There are many benefits and special features available to help you customize your disability income insurance policy, such as the catastrophic disability feature to provide you with an additional monthly benefit in case of a catastrophic disability, and the cost-of-living adjustment feature to help your monthly benefit keep up with inflation during a long-term disability. Mark can assist you in determining which of these benefits will be most helpful to you based on your age and policy specifications.
Why Choose Mark Deaton For Disability Income Insurance?
Disability income insurance policies from Mark Deaton are designed to go above and beyond simply replacing income. Key additional features included in a policy from Mark include a waiver of premium and rehabilitation or retraining. With a waiver of premium, your premium can be reimbursed to you if you are disabled for at least 90 days, along with the reimbursement of premiums during the following benefit period. With rehabilitation or retraining, your coverage also allows up to 6 times your monthly benefit to pay for retraining or vocational rehabilitation, if mutually agreed. Mark’s policies also allow you the freedom to use your disability income benefits in whatever way you choose, as you would with a paycheck. Essentially, a disability income insurance policy from Mark can help make an unfortunate period easier by protecting yourself and your family from a devastating loss of income.