Because You Understand the Importance of Protecting Your Ability to Earn a Living

Decision Tree Financial takes pride in offering the best individual long-term disability income insurance available to our clients based on their profession and income.  

We believe the monthly benefit of individual long-term disability insurance is the most important insurance coverage someone can own and want to help you sort through your choices so you can have the right plan in place. 

What is Individual Long-Term Disability Insurance?

Individual long-term disability income insurance is a type of financial protection that provides income benefits to policyholders who are unable to work for an extended period due to a disabling condition.

Unlike short-term disability insurance, monthly benefits for long-term disability coverage typically begin after a waiting period of anywhere from several months to a year, and coverage can last for several years or even until retirement.

To be eligible for benefits, policyholders must meet the definition of disability as set forth in the policy.

For people whose future depends on their ability to continue working, individual long-term disability coverage provides vital financial protection in the event of a disabling illness or injury.

We will help you get the right Long-Term Income Replacement Disability Solution. Contact us for long-term disability insurance quotes here.

Why You Want To Own Individual Long-Term Disability Insurance

Imagine suffering a disabling injury or illness causing you to lose the ability to work and earn a living. The financial consequences of losing income for just a year can devastate a household’s finances. Disabilities that prevent people from working at full capacity can last the rest of one’s life. 

One of the best ways to protect your income is to purchase individual long-term disability income insurance. This type of insurance provides a source of replacement income if you cannot work due to a disabling injury or illness.

The benefits can help you maintain your standard of living and support your family while you focus on recovery.

Individual long-term disability income insurance policies are portable, meaning they stay with you even if you change jobs or retire. And, because the policy is individual, it is not tied to your employment and can pay benefits even if your company does not offer disability coverage.

For these reasons, individual long-term disability income insurance is an essential part of financial security for anyone who relies on their income to maintain their lifestyle.

How Much Individual Long-Term Disability Insurance Can You Buy?

Individual long-term disability income insurance policies are designed to replace a maximum of 2/3rds of your pre-disability income. Some policies can replace up to 100%  of your income if you suffer a catastrophic illness or injury. Decision Tree Financial will help you find the best policy from a top disability insurance company in order to get you the best coverage.

What Does Individual Long-Term Disability Insurance Cover?

Individual long-term disability income insurance provides financial protection if you are unable to work due to an accident or illness. It is designed to replace a portion of your income, allowing you to maintain your standard of living while you recover. 

Some policies also provide additional benefits, such as coverage for medical expenses as well as accidental dismemberment benefits if you were to lose a limb in an accident.

Accidents and illnesses that may be covered by individual long-term disability income insurance include:

-Heart attack
-Multiple sclerosis
-Alzheimer’s disease
-Parkinson’s disease
-Major organ transplant

Individual long-term disability income insurance can provide peace of mind in knowing that you and your family will have some financial protection if you are ever unable to work due to an accident or illness.

What are some optional riders available with individual long term disability insurance?

Not all individual long-term disability insurance plans are the same. Every policy will differ by what they define as a disabling condition, how benefits will be paid, whether or not you can only work part-time, and even if you can work at any job even if you are unable to work in your profession. 

Therefore it is important to work with a company like Decision Tree Financial, which has agents licensed with many of the top disability insurance carriers in the United States.

Disability Waiver or Premium

After an insured is considered disabled for a period of time (180 days), the insurance company waives the premiums due for the policy.

Social Insurance Substitiute  Rider

Provides for the payment of additional income Social Insurances (Social Security, Workers Compensation) benefits have not started, have been declined, or are less than the benefit amount of the rider. 

Cost of Living Adjustment (COLA) Rider

Provides for an increase in benefit payments based on the Consumer Price Index (CPI) and is important for maintaining purchasing power of benefits.

Guaranteed Insurability Rider

Since individual long-term disability income insurance is financially underwritten (as well as medically) this rider allows an insured to increase coverage in the future when their income rises without having to prove medical insurability.

How much does long-term disability income insurance cost?

The cost of an individual long-term disability policy will vary based on factors such as age, sex, occupation, and the benefit amount and period you select. Generally speaking, the older you are when you purchase a policy, the higher your premiums will be. Women tend to pay slightly higher premiums than men. And pre-existing medical conditions can also affect your premiums.

When it comes to the benefit amount, you’ll generally have the option to choose a benefit that’s equal to 60% or 70% of your pre-disability income. The benefit period is the length of time that benefits will be paid, and options typically range from 2 years up to age 67. The longer the coverage period, the higher the premium.

The waiting period is the amount of time you’ll need to wait before benefits begin, and this is typically anywhere from 30 days up to 2 years. The longer the waiting period, the lower the premium.

It’s important to note that most individual long-term disability policies have an “own occupation” definition of disability, which means that you’ll be considered disabled if you cannot perform the duties of your specific occupation. However, some policies have an “any occupation” definition, which is much more restrictive. Under this definition, you’ll only be considered disabled if you cannot perform the duties of any gainful occupation for which you’re reasonably suited based on your education, training, and experience. “Own-Occupation” policies cost more than “Any-Occupation.”

Finally, as mentioned above, individual long-term disability policies typically come with several policy provisions that can affect things like premiums, benefits, and coverage.

This is why it is important to work with a knowledgeable agent like the ones at Decision Tree Financial. We can help you find the best policy to have the right coverage based on your unique situation.

What Is Your Best Course of Action

You realize that having a plan in place to keep cash flow coming into your house is vital to your long-term financial success. Contact Decision Tree Financial to discuss your plan to replace income if you were to suffer from a long-term disability that prevents you from earning a living.

We will help you get the right Long-Term Income Replacement Disability Solution