Disability income insurance provides you with replacement income if you are unable to work due to an illness or injury. It can help cover your medical bills, your house payment and other monthly expenses.
What’s the benefit of having disability income insurance?
One of your most valuable possessions is your ability to earn a living. Take away your income and it’s amazing how quickly you could incur large debt — just trying to cover your regular monthly expenses. The great thing about an individual disability income insurance product is that it’s portable. That means that you own the policy even if you change jobs. Contact us today to learn more about the flexible policy options and excellent rates from The Ohio National Life Insurance Company.
What are the different types of disability income insurance?
Disability income insurance policies typically come with one or more of the following features:
- Non-cancellable: Guarantees that as long as you pay the premiums, your disability insurance policy can’t be cancelled and typically locks in the premium rate for a set number of years.
- Guaranteed renewable: For short-term needs, this policy guarantees that you can renew the policy with the same benefits as long as you continue to pay the premium. There is the possibility that your premium will increase.
- Yearly-renewable term: For short-term needs, this type of policy has a scheduled annual premium increase.
- Participating policies: Provides the company may declare a dividend depending on the company’s claims, experience that year, earnings on the company’s investment and company’s operating expenses. Dividends are not guaranteed.
Who needs it?
Whether you’re single, married, have children, or own a business; a disability that keeps you out of work can be costly. To continue your standard of living in the case of a disability, it’s important to have this coverage.
Individuals
Individual products are available for virtually all types of occupations. Whether you’re a doctor, executive, computer programmer, skilled technician or a laborer, we can show you a disability income proposal to help meet your needs and budget.
Business Owners
Business Overhead Expense reimburses business owners for expenses necessary to maintain the business upon the disability of any of the owners. Buy-Sell Disability Income provides the funds to effect an orderly transfer of ownership in the event of a long-term disability of any of the owners.
Physicians
Physicians & Surgeons Disability Insurance Plan was designed to provide men and women working in the medical field with proper levels of income protection. This plan allows medical professionals to maintain their standards of living in the event that an injury or illness leaves them unable to work. With issue limits as high as $100,000 per month (or more) and participation limits up to 75% for personal income protection and as much as 100% coverage for business uses, our Physician and Surgeons Disability Insurance Plan will provide adequate levels of disability benefits to keep you properly covered.
This plan may be used as:
- Primary Coverage
- Excess / Supplemental Coverage
- Special Risk Coverage
- Domestic Coverage
- International Coverage
Dentists
The Dentists Disability Insurance Plan was designed with the understanding that dentistry is a specialty occupation and, therefore, those working in the dental trades often need high limit disability Insurance. Unfortunately, because this is usually a highly compensated line of work, dentists often find it difficult to obtain sufficient amounts of disability insurance from traditional carriers.
This plan may be used as:
- Primary Coverage
- Excess / Supplemental Coverage
- Special Risk Coverage
- Domestic Coverage
- International Coverage
Athletes
Athletes’ careers expose them to countless possible injuries. Additionally, the physical qualifications he or she must maintain are incredibly demanding. Athletes consistently risk injuring themselves and, sadly, even a minor disability can be career-ending for a college or professional athlete. Because the risk is so high, Traditional Insurance companies usually do not underwrite disability insurance plans for athletes.
Chiropractors
Specifically designed for people in the medical field of chiropractic care, the Chiropractors Disability Insurance Plan recognizes the coverage needs of people in this specialized occupation. Traditional insurance markets often leave highly compensated Chiropractors without adequate disability insurance. Sufficient DI coverage is one of the most important pieces of a secure financial plan. A disability resulting in the inability to return to work could cause financial ruin; being under insured is almost as dangerous as having no insurance.
The Chiropractors Disability Insurance Plan allows Chiropractors to continue living comfortably in case a disability leaves them unable to work. With issue limits as high as $100,000 per month and participation limits up to 75% for personal disability and 100% for business uses, our Chiropractors Disability Insurance Plan will offer proper income protection for you.
This plan may be used as:
- Primary Coverage
- Excess / Supplemental Coverage
- Special Risk Coverage
- Domestic Coverage
- International Coverage
Pilots
Corporate and commercial pilots have always had a tough time securing proper disability insurance. In the past, the majority of disability insurance companies have told pilots that they are “uninsurable” because there are too many factors that could cause them to lose their medical certificate. Due to strict FAA medical qualifications, many health issues that would allow employees in the traditional workplace to continue working would cost a pilot his or her license.
Military Contractors
This plan allows Militray Contractors to maintain their standards of living in the event that an injury or illness leaves them unable to work. With issue limits as high as $100,000 per month (or more) and participation limits up to 75% for personal income protection and as much as 100% coverage for business uses, this plan will provide adequate levels of disability benefits to keep you properly covered.
This plan may be used as:
- Primary Coverage
- Excess / Supplemental Coverage
- Special Risk Coverage
- Domestic Coverage
- International Coverage
You might like to know…
Insuring against disability has not been a high priority for most workers because many assume they’re already covered through Social Security, Workers Compensation or employer plans.
It can happen to you…
Nearly one in three women can expect to suffer a disability that keeps them out of work for 90 days or longer at some point during their working years. For men, the odds are about one in four. And one worker in seven can expect to be disabled for five or more years before retirement.* Before ‘life happens’ to you, contact one of our advisors today to discuss what plan fits your budget. *Source: www.lifehappens.org
Your Questions Answered…
Q: I have disability coverage through my employer…is that enough?
A: If your employer offers disability coverage, take the time to find out if it’s sufficient to meet your income replacement needs. If it’s not, you can purchase coverage on your own. One of the benefits of individual coverage is that it can follow you even when you change jobs.
Q: How much disability income insurance do I need?
A: Find out how much disability income insurance you may need by using this simple calculator (from Life and Health Insurance Foundation for Education), or by discussing your situation with one of our advisors at Campbell Financial Group.
Campbell Financial Group, can help you determine how much coverage you need; Please call us at (888) 810-9401 or use our online form to request a quote.
Disclaimer: The product features, benefits, risks, and coverage availability and limitations associated with a particular disability income insurance policy will vary from product to product and also from state to state.