What Does Disability Insurance Mean?

1. 

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   Ted Ratliff

   Owner, SFS Associates,

   Disability insurance is just that!  It covers you should you be unable to perform your job due to an accident or illness.  Some companies consider disability to include "any occupation" while others consider disability to mean  that you are unable to perform the duties of your own occupation.  When selecting a disability plan make sure you choose "own occupation" over "any occupation."

   Answered on June 16, 2013

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2. 

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   Tim Wilhoit

   Owner, Your Friend 4 Life, Brentwood TN

   Disability insurance could just as easily be called income replacement insurance. Disability insurance is a policy that will replace up to 70% of your current income due to an illness or injury so severe you can no longer perform the duties of your occupation. There are two basic types of plans. Short term disability is designed to start paying in days or weeks after becoming disabled for usually up to one year. Long term disability has a longer elimination period such as 30-60-90-180-360 days but pays for years and can pay up to age 67 years old.

   Answered on August 29, 2014

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