Why do I need disability insurance?
Individual disability insurance covers your expenses—if you have a medical crisis or injury—just like your paycheck.
How does disability insurance work?
Long-term disability insurance makes sense if you rely on your paycheck to live.
Because of advancements in medicine, illnesses that used to kill—cancer, heart attack, or strokes—now disable.
Owning disability insurance is key to a solid financial plan as it provides a safety net when you can’t work for an extended period of time due to injury or illness.
By replacing part of your earned income, it prevents you or your family from accruing debilitating debt or filing bankruptcy.
How is disability insurance priced?
Three factors determine the cost of your long-term disability insurance:
- how long your waiting period is;
- how much of your salary is replaced; and
- how long your benefits are paid.
Most people find a policy with these options offer the best value for price:
- 90-day waiting period,
- replacing 60% of base salary, and
- paying benefits until no disability or retirement age.
Our advisors can customize a plan to suit your needs and budget. Schedule a consultation today.
What type of disability insurance is most often purchased?
Although there are short-term plans available, long-term disability insurance is the most common type purchased.
These plans are more affordable as they cover illness or injury lasting 30 days or more.
When will my disability income kick in?
Your disability income benefits are paid once your policy’s waiting period is over.
Policy options include waiting periods of 30, 60, 90, and 180 days or more.
Most people choose a 90-day waiting period and use their savings to cover the first three months.
How long will I be covered?
Most people choose a long-term disability insurance policy that will pay benefits until they are no longer disabled or until they reach retirement—age 65 to 70.
Are disability benefits taxed?
If you buy your own individual long-term disability insurance, the benefits are often tax-free as you are paying your own premiums.
Group disability plans often require you to pay income tax on the benefits received as your employer is paying the premiums and deducting the expense.
Protect yourself from the unexpected
Disability insurance replaces your income when you need it most
Your guide to disability insurance
Protect your well-being and financial stability
How will Quotacy help me build a disability plan that's right for me?
Quotacy offers individual disability plans that cover everything from basic to comprehensive needs to suit your budget.
Our experts will work with you to design the best plan for your needs. During your consultation, we’ll cover your options for:
- When you’ll receive your disability benefits.
- How long you’ll receive benefits.
- How you’ll qualify for benefits.
- How much coverage to purchase.
- How much your coverage will cost.
What types of jobs are covered by disability insurance?
Many types of occupations are covered by disability insurance, so don’t hesitate to investigate your options at Quotacy.
Professionals in these occupations often purchase individual long-term disability insurance as part of their business plan:
- Accountants (CPAs)
- Business owners
- IT professionals
- Judges and legal professionals
- Medical professionals
- Physical and massage therapists
- Sales and management professionals
Can I buy disability insurance if I am self-employed or a freelancer?
Yes. If you are self-employed or a freelancer, it is especially important for you to have individual long-term disability insurance as you won’t receive benefits from a group plan offered by an employer.
Is my employer’s group disability insurance plan enough to cover my needs?
Employer-sponsored disability insurance benefits generally cover 60% of salary only. If your standard of living relies on your bonus, commissions, or overtime, you’ll need to supplement your group plan’s benefits.
An individual long-term disability insurance plan can cover the gap between what your employer offers and what you may require to take care of yourself and your family.
What types of insurance does Quotacy sell?
Quotacy offers comparison quotes and sells many types of insurance policies, including:
- Term life insurance
- Whole life insurance
- Final expense life insurance
- Individual disability insurance
Our agents are happy to help you determine the best plan for you.
Contact us for a free, no-obligation insurance consultation with one of our experts today.
Need life insurance?
Learn more about your life insurance options from Quotacy