Disability Insurance
Protect one of your most valuable assets,
Your Income, with Disability Insurance.
Having homeowners protection and auto insurance provides peace of mind if you ever need to file a claim for home damage or a car accident.
But, what about the peace of mind in knowing you can continue to pay everyday living expenses if you become too sick or hurt to work? Protect your financial foundation — your income — in the event of a disabling illness or injury with Individual Disability Income (DI) insurance.
Insuring your income
Protecting your financial security.
The premium for an Individual DI policy is typically just 1 to 3% of what you earn — often less than the cost of a monthly date night, buying lunch every day or your monthly technology needs (smartphone, internet and cable service).
The Benefit Store offers several Types of Disability Insurance Policies for both individuals and business owners with 10 highly rated carriers. Most policies can be catered to meet your individual needs based on your goals and options desired.
Ask us about disability insurance
Types of Disability Insurance
Individual Disability insurance can replace a portion of lost income if you are unable to work due to sickness or injury. It can help you to meet your financial obligations and maintain your current lifestyle.
Some of the benefits Individual Disability Insurance include:
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Monthly Benefit Payments - After an initial waiting period, benefits are paid for each month you can't work through the policy's maximum benefit period
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Non-cancelable and Guaranteed Renewable Coverage Available - Provided premiums are paid on time, your insurance cannot be canceled or changed. Your coverage or premium rates remain the same from the first premium due date until on or after your 67th birthday.
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Up to 66% Income Replacement for Individuals - Benefits from your disability policy are paid to you income tax free for the length of any long term or total disability
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Own Occupation - If you become totally disabled from your occupation and choose to work in another occupation, you’ll receive full benefits, regardless of the income you earn from the other occupation
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Residual and Recovery Benefit - Pays you when you are partially disabled and not earning 100% of your pre-disability earnings. Your Residual benefit will pay you relative to your loss of income. If you can only earn 50% of your previous income, your residual benefit will be 50% of your disability benefit until you get back to your full income.
Protect your Business with Business Overhead Expense
Business Overhead Expense insurance assures the business owner will have a business to come back to after recovering from an injury or sickness. Or have a business to sell that has not depreciated if not coming back.
Some of the Benefits from Business Overhead Expense Insurance Include:
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Reimburse the small Business Owner - the fixed expenses of their business Including, Rent, Utilities, Insurance and Employees Salaries.
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Tax Advantages - Premiums for Business Overhead Expense Insurance are tax deductible to the business.
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Benefits can be payable after 30 days - benefits can begin after 30, 60 or 90 days.
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Benefit Update - assures the business owner can increase coverage as his expenses increase with no additional underwriting
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Residual Benefit - pays a partial benefit if the business owners can only performs some (not all) of their daily duties
Key Person Replacement
Key Person Replacement is an efficient way to provide successful businesses with the funds necessary to financially handle the loss of a key employee or executive due to a total long-term illness or injury that prevents them from performing their job duties. Benefits can be used at the discretion of the employer, but common uses include:
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Recruitment and training costs for a sound replacement
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Indemnify the company for lost revenue and profits
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Temporary staffing needs
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Funds can be available to the business in a short as 30 days after an injury or illness of the Key Employee to help keep the business operating smoothly. Benefits can be paid monthly for up to 1 year or until the employee is recovered and back to work full-time. If the Key Employee has not returned after 12 months, a Lump Sum payment can be paid to help recover lost future revenue.
Disability Buyout for Business Owners
Disability Buy-Out insurance reimburses the Business or Policyholder for the purchase of a totally disabled insured’s interest in the business under a buy-sell agreement. These funds allow you and your partners to:
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Maximize the financial return when the business is transferred, while minimizing the tax liability.
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Help the business survive a partner’s departure — allowing remaining owners and their families to receive the full value.
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Protect the disabled partners value in the business during a difficult time of recovery
Benefits can be paid after 365 days of disability in either a lump sum or installments up to 5 years subject to the terms of their buy-sell agreement.