Disability Insurance

Disability Insurance is a type of coverage that helps protect you and your loved ones in the event that an unforeseen illness, accident, or injury prevents you from being able to work and earn an income. Disability Insurance can help ensure that you and your family have the financial resources they need during this difficult time. Whether you are self-employed, work for a large employer, or fall somewhere in between, Disability Insurance is a vital part of any comprehensive financial plan. If you are wondering whether Disability Insurance is right for you, consider these common reasons people opt for this coverage:

• Protecting your ability to earn an income
• Providing support for yourself and your family during tough times
• Giving you peace of mind knowing that you are covered no matter what happens in the future.

So if you’re looking for ways to protect your financial well-being and give yourself peace of mind about tomorrow, Disability Insurance may be just what you need.

Finding the Right Disability Insurance (DI) For Your Budget

Disability Insurance (DI) is an important part of your overall financial security, but many people are unfamiliar with DI and don’t know where to start when exploring a policy that will fit their needs. Terms such as “benefit period” and “elimination period” can be intimidating at first, but answering these 3 questions can help make it easier to understand your DI options and will assist you and your agent to design the right DI plan for you:

1. How much income do you need to replace when you are unable to work?

Your benefit amount should be based on your income, living expenses, and other financial obligations

2. For how long do you need coverage?

Disability policies typically have a benefit period of 2, 5, or 10 years. If you have a long-term condition that is not expected to improve, you may want to consider a policy with a longer benefit period.

3. When do you want coverage to begin?

The elimination period is the length of time between when you become disabled and when benefits start being paid out. Elimination periods can range from 30 days to 1 year.

Answering these questions can help give you a better understanding of Disability Insurance and how it can work for you. If you have any other questions, be sure to contact Health Coverage Source for more information. Our agents are willing to help walk you through the policy costs and details of coverage, limitations, exclusions, and terms. 

Return of Premium (ROP) Disability Insurance Rider

The ROP rider provides Disability Insurance (DI) coverage in the event that you need it and gives you the option of receiving money back if you don’t.

If you’re 65 or 67 years old and have this rider on your policy, you’re entitled to 100% return of premium paid, less any benefits received. Once the fifth policy year comes around, you may be eligible to receive a portion of your premiums back, again less any benefits received. However, keep in mind that once the return of the premium is paid out, the policy can no longer be reinstated.

In other words, this rider gives you some peace of mind in knowing that you won’t be left high and dry if you become disabled, while also giving you the chance to get some money back if you don’t end up needing the coverage.

W-2 Employee Occupation Class Upgrade

If you are a W-2 employee in an eligible paraprofessional or skilled trade occupation, Health Coverage Source may be able to offer you a one-class upgrade for Disability Insurance. This can help to reduce the costs of your plan by lowering the wage base upon which premiums are calculated, making it an ideal option for anyone looking to protect their income in the case of an unexpected illness or injury.

Whether you work as a mechanic, plumber, electrician, teacher, or any other type of skilled trade professional, Disability Insurance from Health Coverage Source can help to give you peace of mind and ensure that your financial well-being is always protected.

Disability Insurance from Health Coverage Source

At its core, Disability Insurance is about helping you maintain your standard of living even when unexpected events prevent you from working and earning an income. Health Coverage Source is a leading provider of Disability Insurance, and we can help you find the perfect policy for your needs. We offer a wide range of coverage options, and our experienced team can provide you with personalized assistance in choosing the right policy for your unique situation.

Contact us today at 405-309-7322 to learn more about Disability Insurance and how it can help you and your family.