Disability Insurance is perhaps the most under appreciated form of personal protection available yet evidence shows that an average 20 year old has a slightly greater then 1 in 4 chance of becoming disabled during his or her lifetime. Even more alarming is that the average duration of and individual's disability is more then 31 months. (How many of us can afford to be out of work for this long? Especially in New York) Most disabilities are not caused by injuries, as is the common belief. Most disabilities arise from health related issues such as cancer, chronic back pain, heart disease, diabetes, etc.
Disability Insurance can protect you and your family from financial hardships including bankruptcy that may arise from a disability.
Some Factors that affect disability insurance premiums:
1. Occupation - wages and type of work (firemen vs. accountant)
2. Elimination period - how long you are willing to wait for payments to start?
3. Own occupation - if you suffer a disability that does not permit you to perform the duties of your previous employment. For example, let's say you are a nurse and you have developed debilitating sciatica that prevents you from performing your nursing duties. You are still able to find work in a less physically demanding position but it doesn't pay nearly as well as your nursing position. If you have a disability policy that doesn't state OWN OCCUPATION you will not be eligible for payments.
4. Duration - the amount of time you wish to be covered. The shorter the requested time, the lower the premium will be. Coverage periods can be as little as a few weeks to years to life time coverage (age 65).
Every disability policy is unique to the insured.
Contact us for a free consultation regarding your specific situation. (866) 984 -2444
Long Term Care Insurance or LTC
As many of us already know, the cost of custodial medical care is extremely expensive and it is only going to get more expensive. In New York it is not uncommon to see yearly costs of Long Term Care facilities around $100,000.00. The need for Long Term Care is growing as our population ages. Statistics show that 3 out of 4 couples will have a need for LTC in their lifetimes. Seventy five percent of people over 65 will need LTC. Nearly 50% of people over 85 have Alzheimers disease. Almost 50% of couples with one person in an LTC facility run out of life time savings within a years time. These are only some of the facts. They are daunting and reveal the true need of getting LTC protection.
Factors affecting premiums:
1. Age - the younger you are when you get coverage the less expensive the premiums will be.
2. Medical - your history, physical and current medications affect the underwriting process. (family history of Alzheimers would be a concern for all insurers)
3. Duration - time you would like to be covered 2 years, 5 years, 8 years etc. more years = more premium.
4. Amount of coverage - you can choose a dollar amount of coverage as well in inflation protection.
5. Elimination period - how long are you willing to wait before payments start?
Long Term Care policies are unique to each individual.
Contact us for a free consultation regarding your specific situation. (866) 984 -2444
