What Type Of Insurance Is Disability Insurance?
12689 POINTSview profileTed RatliffOwner, SFS Associates,Disability insurance is a form of health insurance designed to protect your income in the event of a covered sickness or accident. Unlike life insurance it provides a living benefit. Disability insurance is not utilized by individuals the way it should be, especially in younger years. If you do not have it through your employer then you need to consider disability coverage.Answered on May 24, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaDisability insurance is paycheck protection, but it can also cover retirement contributions. In general terms disability benefits can generate 60% of your earned income tax free or if your company pays for it and deducts, generate 80% of your income, but it’s taxable. Then in addition to protecting your earnings, you can cover your annual contributions to your qualified retirement plan. Businesses can purchase business overhead, key person and even bank loan protection.Answered on May 24, 2013+01+1 this answer
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1492 POINTSview profileJeff DavisInsurance Advisor, Lordship Insurance Services, CaliforniaDisability Insurance kicks in once a person has been declared disabled by the definition of the Insurance company offering coverage. Typically a disabled person has trouble with returning to full time work in their chosen profession. The definitions for Disabled vary but once a person qualifies they can receive a portion of their income based on how the policy was set up. Sometimes this type of insurance is purchased by an individual, sometimes by a company for its employees. Social Security even offers a disability benefit.Answered on May 24, 2013flag this answer
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