Disability Insurance

When you think of your assets, you probably think of tangible things like your home, car and retirement account. But, what about your ability to earn a living? At Symmetry Financial Group, we believe one of your biggest assets isn't anything you can touch or feel; it's your ability to work. If you're like a majority of Americans, it would be difficult, if not impossible, to continue meeting your monthly obligations if you were to become injured or ill and could no longer work.

Disability income insurance is a type of insurance product designed to help replace a major portion of your income if you were unable to work because of an illness or injury. For this reason, many people think of it as “paycheck protection.” Along with life insurance, disability insurance can offer the protection you need to ensure your family doesn’t lose their home or other valuable assets if the unthinkable happens.

Why do I need Disability Insurance?

Most people think they aren't at risk of becoming disabled. However, the facts about disabilities are sobering. According to the U.S. Social Security Administration, one in five Americans (56 million) is currently living with a physical or mental disability. And, more than one in four of today's 20-year olds will become disabled before reaching their retirement age!

Today, many households rely on two incomes to pay the mortgage and all of the household bills. Without a solid disability plan, your family could be at a significant risk.

Relying on Social Security Disability to protect you may not be enough. It's very difficult to qualify for Social Security Disability benefits. In part, that's because the Social Security Administration uses a strict definition of "disability" and requires that you be unable to work in any occupation you would otherwise be qualified for based on your education, job experience and training.

Disability insurance purchased through an insurance professional is different. Disability income insurance generally uses an "own occupation" definition of disability rather than the "any occupation" definition used by the Social Security Administration, so proving you have a disability is less onerous.

It's insurance coverage designed to be there to protect your income and your ability to meet your regular financial obligations if you weren't able to work.

 

How does Disability Insurance work?

Because it's an insurance policy, you will need to apply for coverage and make regular premium payments to keep your policy in force.

In the event you were to become disabled, your policy would specify how long the "elimination period" would be before benefits begin. After that elimination period, if you were still disabled and unable to work, the policy would pay you the benefit amount specified in the policy, for the length of time specified in the policy.

Your monthly disability income insurance payments during periods of disability are not intended to entirely replace your income stream, but are designed to provide you with some replacement income during the period you are unable to work so you could continue paying your mortgage and other bills.

Disability income insurance can be purchased as a stand-alone policy, or as an added endorsement on your life insurance policy.

Choose Symmetry for Disability insurance

The primary benefit of disability insurance is that it can provide paycheck protection or can replace a significant portion of your income if you become disabled. This means your family could continue in their current standard of living, knowing that the mortgage payment or rent payment would continue to be paid, whether you were able to work or not.

While you may have some disability insurance offered through your employer, when you purchase your own separate disability coverage, you will have the peace of mind that comes with knowing you'll have coverage even if you change jobs and lose those current employee benefits.

And, as discussed above, buying a disability insurance policy can help you avoid the frustration and delays that can come with relying on Social Security Disability, only to find out that you are not actually disabled in the eyes of the Social Security Administration.

Frequently Asked Questions

Q: What are the advantages of Disability Insurance?

The primary benefit of disability insurance is that it can provide paycheck protection or can replace a significant portion of your income if you become disabled. This means your family could continue in their current standard of living, knowing that the mortgage payment or rent payment would continue to be paid, whether you were able to work or not.

While you may have some disability insurance offered through your employer, when you purchase your own separate disability coverage, you will have the peace of mind that comes with knowing you'll have coverage even if you change jobs and lose those current employee benefits.

And, as discussed above, buying a disability insurance policy can help you avoid the frustration and delays that can come with relying on Social Security Disability, only to find out that you are not actually disabled in the eyes of the Social Security Administration.

Q: Do I qualify for Disability Insurance? / What types of disabilities are covered?

Every insurance carrier and disability policy is a little different, but qualifying for coverage may be easier than you think. Normally, there is no requirement for a physical exam.

Your policy will explain how "disability" is defined, and whether there are any exclusions to coverage. In general, private disability income insurance policies say that you are considered "disabled" if you are no longer able to work in your current occupation because of your physical or mental condition.

Symmetry Financial Group can assist you in applying for and obtaining this valuable coverage.

Q: Can I afford Disability Insurance?

Purchasing a private disability income insurance policy, or adding disability coverage to a life insurance policy, is surprisingly affordable for most people.

With many carriers and products, you have the option of tailoring the policy to meet your budget and needs, by adjusting the amount of coverage, the length of time payments would continue after a disability, the elimination period and other optional policy features and benefits.

Because it's a health insurance product and since it's designed to protect your income, the amount you will pay for coverage will be based on your health and lifestyle, as well as your occupation and income.

Q: When should I buy Disability Insurance?

None of us can predict if or when we could become disabled, so the best time to buy disability insurance is now, while you're healthy.

Don't wait until your income goes up to purchase coverage; many policies can be customized to include cost-of-living adjustments, so your policy benefits will rise along with your income over the years.