Life Insurance
Health Insurance
Dental Insurance
Voluntary Supplemental Insurance
Long Term Care
Health Savings Accounts
Health Reimbursement Arrangements
Disability Insurance

Disability Insurance…Invaluable Protection

Protecting your family’s income stream is a top priority when you are not able to work. And because we understand that the risk of disability is real, we will work with you to protect your income and your family. Disability insurance is available through individual and employer plans.

Group Disability Insurance: Employers may offer disability insurance on a group basis. Premiums are often less than individual policies. Employer-sponsored disability polices may provide coverage for up to 60% of the employees monthly salary, typically with a monthly maximum benefit. Be aware that disability benefits will be fully taxable to the employee if the employer is paying the full cost of the coverage. Depending on your situation, it may be best to have employees cover the cost through payroll contributions, so their take home benefit is not reduced by taxes.

Individual Disability Insurance: Individual disability policies provide you greater flexibility, but may command a larger premium. An individual policy allows you to tailor its terms to fit your own needs. If premiums are paid personally, the benefits are not taxable. It is important to know the strength of the carrier when shopping for an individual disability policy, and there are several key components to understand:

	Definition of disability: Look for a policy that defines disability in the broadest terms possible. Some policies will permit you to work in a different occupation and still collect disability benefits.
	Elimination period: How long must you wait before disability payments begin?
	Benefit period: How long will you need coverage? Both short-term and long-term disability benefits are available.
	Inflation protection: Try to find a policy that adjusts benefits for inflation.

Disability insurance for the businessperson: Disability policies, similar to key employee life insurance, can also be important to the business owner. Consider the benefits of a policy payout, given the impact of a disability to a key employee:

	Disability insurance can help cover the costs attributable to funding a temporary replacement or the training of a successor for a disabled employee or owner.
	Disability insurance, payable to the company, can cover expenses such as staff salaries, rent, telephone, utilities, malpractice insurance and other expenses necessary to keep one’s business open.
	Disability insurance can provide the income to fund a buy-sell agreement triggered by the total disability of a shareholder/business owner.