It’s a fact. We prepare more for death than we do for physical disability.
Yet during our working years, we’re four times more likely to become disabled than die prematurely. The right disability insurance could be the means for your financial survival by providing a tax-free stream of income, while you’re unable to work.
Disability plans are not all the same. Some policies pay for disabilities resulting from both illness and accident. Others pay only for disabilities from accidents. Policies can also be tailored to pay for partial or full disability. Most policies pay between 50% to 65% of your pre-disability income, but this can be fine-tuned, depending on your other income sources. Your Statewide Insurance agent can help you decide what level of protection is right for you.
- Own-occupation Policy. This is the most comprehensive long-term disability coverage. If illness or injury prevents you from working, this type of policy will pay you a monthly benefit even if you are able to work in some other capacity.
- Any-occupation Policy. This type of policy is similar to the Own-occupancy policy except that you will receive benefits only if are not able to perform your job, and you are not engaged in any other occupation.
- Gainful Employment. This is the most common of all company-sponsored disability plans and has the most narrow definition of disability. You will receive a monthly benefit only if your employer decides you’re unable to perform your job, and you are not engaged in any other occupation.