DISABILITY INSURANCE –
TYPES OF POLICIES
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WHAT IS OWN-OCCUPATION DISABILITY INSURANCE?
A total disability for the first two years of the benefit period is defined as the inability to work at the insured’s regular occupation at the time disability begins, even if the insured still might be able to work at another occupation.
HOW DOES OWN-OCCUPATION DISABILITY INSURANCE WORK?
If you are unable to perform the job you had when you became disabled, you may still be eligible for benefits even if you are currently working in another position.
WHAT IS ANY-OCCUPATION DISABILITY INSURANCE?
Any-occupation disability insurance only provides benefits if you are unable to perform any job you are reasonably qualified for.
HOW DOES ANY-OCCUPATION DISABILITY INSURANCE WORK?
The positions you are “reasonably qualified” for is determined by your insurance company and based on your age, education, and experience level.
WHAT IS STATE DISABILITY INSURANCE?
State disability is a short-term benefit program offered in certain states to workers who become disabled. Our disability solution offered through Assurity is not a state disability insurance policy.
CAN I GET STATE DISABILITY INSURANCE?
Only a few states offer disability insurance and eligibility rules can differ. For more information you should check to see if your state offers this coverage.
WHAT IS THE DIFFERENCE BETWEEN INDIVIDUAL DISABILITY INSURANCE AND WORKERS’ COMP INSURANCE?
Worker’s comp replaces lost income if an injury or illness occurs on the job, but fewer than 5% of disabling accidents and illnesses are work-related. On the other hand, disability income insurance covers injuries and illnesses both on and off the job.
WHAT ABOUT SOCIAL SECURITY DISABILITY INSURANCE?
To qualify for Social Security Disability Insurance (SSDI), you must have worked long enough – and recently enough – and paid Social Security taxes on your earnings. And if that is you and meet the other basic requirements to qualify for SSDI, you will receive a monthly payment.
However, most SSDI recipients receive between $800 and $1,800 per month, and in 2021 the average monthly payment was $1,277. Could you live off $15,324 a year, cover all of your expenses, and provide for your family if you were unable to work? If the answer is no, then you should definitely find the best disability insurance for you.
WHAT IS A SUPPLMENTAL DISABILITY INCOME RIDER?
The Supplemental Disability Income Rider will pay a monthly benefit less any social insurance benefits received, offset dollar for dollar, if you are totally disabled and the elimination period has been satisfied. Benefits will be paid until you are no longer totally disabled or to the end of the maximum benefit period, whichever is first. No benefits will be paid if social insurance benefits exceed the Supplemental Disability Rider monthly benefit amount.
WHERE CAN I LEARN MORE ABOUT DISABILITY INSURANCE?
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When you work for yourself – go Woligo.