Disability Insurance

Individual disability insurance is designed to replace anywhere from 45 - 60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. 

Short-term disability (STD) can replace a portion of your income during the initial weeks of an illness or accident.

Long-term disability (LTD) can replace a portion of your income after those initial weeks, for an extended period of time.

Most employers offer both STD and LTD insurance.  However, many people choose to purchase individual disability insurance.   

Individual disability income can provide protection for people who do not have disability insurance available through their employer or who want to supplement group coverage.

If you become disabled, call or visit your Social Security office as soon as possible to determine your eligibility for this benefit, your spouse's eligibility and that of any dependent children.  For more information, call the Social Security Administration toll-free at 1-800-772-1213.

Other types of insurance to consider:

Term insurance is for temporary simplified coverage with no cash value.

Permanent life insurance is for the life of the insured and the policy accumulates cash value.

Whole life insurance is a policy which provides both a death benefit and a cash value component. The policy is designed to remain in force for a lifetime and premiums stay level and the death benefit is guaranteed.

Universal life insurance is for permanent coverage flexibility and less emphasis on cash value.

Variable universal life insurance for permanent coverage and potentially higher cash value through investment options.

Survivorship life insurance is for lifetime protection for two people that pays a benefit upon the passing of the surviving insured.

Long-term care insurance is a policy that pays some or all costs of nursing home care for qualified insureds. Premiums are based on the age of the applicant and are projected to remain stable for the life of the policy. Premium payments stop when the insured meets the qualifications for long-term care, which include medical necessity, cognitive impairment, and inability to carry out certain activities of daily living. Group policies are available.