TYPES OF

DISABILITY

COVERAGE

AVAILABLE

Social Security

◘ Social Security does not just provide for retirement income but disability income as well.

   However, more than 70% of the applicants who apply, fail to get coverage the first time

   they apply.  You can get an estimate of what your benefit might be by going to the Social

   Security web site.

◘ In 1992, the average monthly payment for a disabled worker was $642;  the average

   monthly payment for a family of a disabled worker was $1,093.

◘ Eligibility is based on being unable to perform any gainful employment.

◘ You are eligible for benefits after you have been disabled for 5 months and

   if the disability is expected to last 12 months.

◘ 85% of Social Security payments are subject to federal income tax if your income exceeds $34,000 individually or $44,000 jointly.

Workers Compensation

Most employers are required to provide this coverage.  The amount and duration varies by state.  Workers Compensation only pays if the disability occurs on the job, and usually lasts for only a few years and the payments are low.

Individual Policies

For individual policies, the applicant needs to qualify and go through an underwriting process, similar to the process required for life insurance.  The applicant could be subject to a higher premium or even be declined based on his or her occupation, medical history, or lifestyle.  Individual policies are usually purchased by high income professionals because of the cost.

Group Policies

Some states require employers to carry group disability insurance anywhere from 26 to 52 weeks.

Group Long Term Disability (LTD)

Group LTD is carried by almost half of mid-size to large employers and provides long term benefits for at least 5 years covering about 60% of salary.  The premium is usually very low, does not require proof of insurability, and often is fully paid by the employer.  If you would like to get a Disability Insurance Quote, click here.

STATE LICENSED AGENT

                                                                                F. DARRELL LINDSEY – ALL STATES

                                                                                P. O.  Box 526357

                                                                                Salt Lake City, UT  84152-6357

                                                                                PH: 866-937-7037

                                                                                FX: 866-937-7010

                                                                                E-Mail: FDL@LLLinsuranceservices.com