We’ve compiled some of the most common questions about disability insurance.  More answers to the most common questions can be found on the Disability Insurance main page.

WOLIGO'S DISABILITY INSURANCE - COMMON QUESTIONS AND ANSWERS

SHOULD I GET DISABILITY INSURANCE?

1000000%. Disability insurance is essential, because the entire idea of unplanned injuries and illnesses is just that — unplanned and unexpected. You insure your home and your car—but your income and earning potential are more valuable than any possession. Think of disability income insurance as protection for your paycheck.

WHO NEEDS DISABILITY INSURANCE?

It may not happen to you — but one in four people over the age of 20 will become disabled during their working lives. If you don’t have the ability to cover your expenses should you become unable to work for an extended period of time, then you might need disability insurance.

WHAT ARE THE BENEFITS OF GETTING DISABILITY INSURANCE THROUGH WOLIGO?

Woligo partnered with Assurity to offer the very best disability insurance, and that includes extra built-in policy features for your disability coverage that other providers do not offer.

  • Waiver of Premium: Waives your premium payment during a total disability.
  • Partial Disability Benefit: Pays 50 percent of the monthly benefit amount if after a total disability, you’re partially disabled and return to work part time after receiving total disability payments.
  • Occupational Rehabilitation: If totally disabled, pays for a rehabilitation program designed to help you return to work.
  • Home Modification: If totally disabled, may help pay for modifications to your home to improve access or use of facilities.
  • Survivor Benefit: Pays a lump sum of six times the monthly benefit amount if you die while totally disabled after receiving 12 months of benefits.
  • Presumptive Disability Benefit: Pays out the full monthly benefit upon the permanent loss of sight in both eyes, hearing in both ears, speech, use of both hands, use of both feet or use of one hand and one foot, regardless of the elimination period or whether you’re working.

DOES DISABILITY INSURANCE REQUIRE A MEDICAL EXAM?

A medical exam is not required for ages 18-50 for benefit amounts up to $4,000, Ages 51-55 for benefit amounts up to $2,000, and Ages 56-60 for benefit amounts up to $1,500.

IF I GET DISABILITY INSURANCE, WHY DO I NEED HEALTH INSURANCE?

Health insurance is your comprehensive health care and helps pay for preventive care and medical expenses. Disability insurance helps replace a portion of your income if you become disabled and are unable to work.

WHAT IS A WAITING PERIOD FOR DISABILITY INSURANCE?

The waiting period (also called an elimination period) is the amount of time you must be totally disabled before you are eligible to receive your monthly benefit. For example, if you select a 30-day waiting period, you must be totally disabled for 30 days before you become eligible for monthly benefits. The longer your waiting period is, the less expensive your monthly premium payments will be.

WHAT IS A BENEFIT PERIOD FOR DISABILITY INSURANCE?

The benefit period is the maximum amount of time the insurance company will pay any combination of total disability or partial disability monthly benefits in the event that you become totally disabled.  The longer your benefit period is, the more your monthly premium payments will be.

WHAT IS A DISABILITY INSURANCE ELIMINATION PERIOD?

The number of days one must be totally disabled before they become eligible for benefits—a longer elimination period lowers the cost of coverage, and vice versa.

WHAT IS A DISABILITY BENEFIT PERIOD?

The maximum timeframe benefits are payable for a given period of total disability — a longer benefit period will result in a higher cost of coverage, and vice versa.

WHAT IS TOTAL DISABILITY?

A sickness or injury is considered a total disability if it keeps you from doing all the substantial and material duties of your regular job and requires a physician’s care during the first two years of the benefit period. After the first two years, a sickness or injury is considered a total disability if it keeps you from doing any occupation and requires a physician’s care

Disability Insurance

When you work for yourself – go Woligo.