Disability Income Insurance

A disability income (DI) insurance policy replaces a portion of your regular income when an illness or accident prevents you from working. It helps protect against family financial catastrophe by giving you an income to meet daily expenses. Your Beneficial financial professional can help you analyze your existing sources of disability income and determine whether additional DI coverage would be wise and how much you may need.

Your existing sources of disability income. You may already have some DI insurance through your job. Disability benefits from your employer may include workers’ compensation insurance for work-related injuries. For short-term illness, your employer may provide sick leave, short-term disability insurance, or both. For a longer illness, lasting six months or more, your employer may provide group long-term disability insurance.

The amount of long-term disability benefits you may receive through your employer’s group plan or your personal insurance benefits may be reduced by the amount of Social Security or other government benefits that may be paid. Social Security provides long-term disability benefits based on your salary and the number of years you have worked. But Social Security replaces only a limited portion of your salary, and the qualifications to receive benefits are strict.

How much additional disability income will you need? Add up all the DI benefits you are entitled to under the public and private programs mentioned, along with the monthly income you could count on from other sources, such as your savings. If the total approaches your required income after taxes, you can assume that should you become totally disabled, you would be able to pay your day-to-day bills while recuperating. If the total from employer benefits, Social Security, and other programs along with your own resources will not be close to your pre-disability, after-tax income and will not be adequate to support your family, you will want to consider buying additional DI insurance to make up the difference.

Through our strategic alliance with DI Broker, your Beneficial financial professional can offer a variety of LTC products from various companies, including MetLife, Med America, Prudential, Genworth (GE), John Hancock, and State Life.

To find out more or get a price quote, click here to find a Beneficial agent near you.