Disability income insurance provides continuation of income in the event of total or partial disability. If you have considered life insurance, you recognize the importance of buying financial protection before your need it. Disability income insurance is probably the most important insurance for the security of your family. For example, at age 35, you are 4 times more likely to become disabled than you are to die. |
Two of the biggest myths about disability are that it doesn't happen to younger people and that it's largely the result of a work related accident. The reality is, your odds of encountering a long-term disability of greater than 90 days is:
| Your Age | Your Approximate Odds | Average Duration |
| 30 | 1 in 3 | 32 Months |
| 40 | 2 in 10 | 42 Months |
| 50 | 5 in 22 | 50 Months |
| 60 | 1 in 10 | 54 Months |
It may also surprise your to learn that fewer than 14% of disabilities are caused by injuries. Most are the result of illness.
Questions to Ask When Considering Disability Coverage
| Can my policy be changed or canceled? | No, your policy is portable; it can not be changed or canceled by the insurance company until age 65. Also, your premium is guaranteed until age 65 also. |
|
|
When will the insurance company regard me as totally disabled? | Our policy uses the "own-occupation" definition of disability which means you receive benefits if you can't work at your own specific occupation. |
|
| What if I'm only partially disabled? | We recommend a residual disability option, which provides a pro-rata benefit if you lose 20% or more of your earnings due to sickness or injury. |
|
| How much do I get paid? | Most companies will insure up to about 60% of your earned income. |
|
| When do benefits start? | You may choose, 60, 90 or 180 day elimination periods. 90 day elimination periods are the most common. |
|
| How long will benefits last? | We recommend lifetime coverage; however, 5 year and "until age 65" plans are also available. |
|
| What if I want to change my coverage? | We recommend an option to increase your policy limits as your income increases. |
|
| How much will it cost? | Insurance rates vary by age, sex, and specialty. A $1,000 a month policy for a 34 year old male, non-invasive physician would be $20 a month. (An invasive male physician would be less than $25 per month.) Premiums for female non-invasive physicians would be $30 a month at age 30.
Complete rate structure for ages 25 to 40 |
|
HOW TO APPLY
- Call us at 412-281-4030 for a free consultation, and if desired, an
appointment.
- Or simply complete, sign, and return the Enrollment Application via fax
to Malachy Whalen & Company.
Be sure to:
Please feel free to ask us any questions you may have regarding disability income insurance.
|
home
sitemap 
contact