Mountain View Insurance – Disability Insurance
Our goal is to protect, preserve, and grow our client’s assets and disability insurance is a huge competent of protecting and preserving your assets. The biggest asset in a household is usually your income earning ability. The earlier you are in your career the more important disability insurance becomes. Disability insurance is to protect your income and preserve your assets. If you get disabled a properly designed disability policy will pay a large portion of your current monthly income, to age 65+, with a cost of living adjustment. This helps preserve your current assets so you do not have to tap into your 401K or other reserves to pay the bills.
Disability Insurance – Own Occupation Disability
Own occupation is a term used in the disability insurance industry and it allows specialists, such as doctors, to be insured for disability if they cannot perform their current primary function. Learn more here.
Disability Insurance – Short Term versus Long Term
We encourage you to consider looking into both options of short and long term disability insurance. Short term disability plans usually cover your income for a period of 3-6 months. Long term disability plans are able to cover a portion of your income to age 65+.
Disability Insurance – What is covered under disability insurance?
Every plan has their own definition of disability. This is why it is important to consult with a professional to consider all of your options. Every profession has different rating classes and definitions that are important components to the policy.
Disability Insurance – How much should I get?
Insurance companies usually do not allow for 100% income replacement in a policy. The maximum income replacement is around 70% (varying company to company). Some professions allow for higher limits but yet again, this all depends on the insurance company. The amount you should get to protect yourself depends upon your needs. What is your current debt? What are your bills? What are your fixed bills? What are you future bills (education cost for kids)? There are many variables to consider.
If you want to speak with one of our professionals about your disability insurance options please call (410) 262-3176 or fill out the form below.