Medical Care

Disability Insurance

Image of nurse with wheelchair bound women.

An accident or illness may make it impossible to work. This may mean a drastic drop in income. Disability insurance benefits replace part of the wages lost.

 

If you’re considering buying a disability insurance policy, ask the following:

•  What percentage of your pre-tax salary is paid out? (50 to 60% is average.) How are benefits paid out? Are payments the same or greater in the first few months?

•  Is there a guarantee that the policy can be renewed?

•  How long will benefits be paid? Months, years, a lifetime?

•  Are pre-existing or chronic conditions included?

•  Can you get disability insurance from your place of work?* How much will this cost you? Group policies may be more flexible on chronic conditions.

* Veterans can get information on disability compensation from 1-800-827-1000 and www.va.gov.

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