Multiple Sclerosis end Charles Silberman’s career as periodontal disease. Only 55, Silberman no longer work. However, he got close to match his old monthly income checks. The reason: a disability insurance policy

Silberman buy coverage when he’s in good health. He did not want his wife and four children will face what he did as a teenager when his father became disabled and unable to work opportunities. After the policy, he cut his playing time and his income fell by 20%. Today, the policy to replace most of his income. “We have been able to maintain our hospital Uz, lifestyle and standard of living,” he said.

You might have homeowners insurance, you might have life insurance. However, if you are still working, you have to protect your income is how much? Disability insurance replaces part of your income, if some kind of illness or accident prevents you from working.

You can purchase a comprehensive policy, if you are self-employed or if your employer covers the supplementary scheme thin. These policies pay a monthly allowance if you can not work at all, and the benefits of some of the charges part of, if you can only work part-time. “Disability insurance is not for you, this is your family do not have to deal with the consequences of” breadwinner disability Connie Golleher said that in the company Holleman, chief operating officer in Chevy Chase, Maryland insurance consultants.

Income protection is particularly important if you are over the age of 50, when you could probably sprint build retirement savings. This is also the age of health problems is likely to accelerate in the senior vice president who manages disability insurance products, Metropolitan Michael · Fradkin said. The most common disability claims MetLife receives from the age of cancer, arthritis and inflammation of the joints, back strain.

Most states require employers to provide disability insurance for weeks or months. Many employers do not provide coverage for more than that. Golleher said that even companies that provide coverage tends to obscure the long-term income is only 50%. Some publicDivision option, group rates and do not purchase additional insurance coverage, so you do not pass a medical examination.

Bought by a group, including professional associations or AARP, you can save money, William Franklin, a certified financial planner, its Hunt Valley, Md., Said the company helps customers buy disability and other insurance products. Group plans a better deal for women because individual policies cost them more than 35% to 40% of people pay the same coverage. Group on covered interest rate is usually the same for men and women.

If you can not get group coverage, you need to go to each market. It is best to find a reliable broker to guide you. “You have multiple companies by calling the same characteristics as a different name,” Franklin said.

In general, when you are old you buy the coverage, the higher the premium. A strategy to pay $ 5,000 monthly benefit ~66 years as the age of 55 healthy men may spend $ 3,840 per year; the same policy costs $ 2,228 to a healthy 50-year-old man. For healthy women, it cost $ 5,429 55-year-old woman 50-year-old policy might cost $ 3,389’s.

Premiums declined 1.1 60-year-old, six years because the benefit period is so short. This is a man and a woman $ 2726 $ 3385.

Reported that the availability and price depends on your health, your age, whether you smoke and other factors. Pricing also depends on your income level and profession you want to replace. I want to take a basic medical examination. Insurance companies may exclude any past medical history, add a surcharge to cover those with health problems or deny the reports.

Policy TYpically coverage of up to 50% to 70% of total revenue. The amount of insurance you need your handbag fees and other sources of income to calculate. In addition, the figure the length of time to receive monthly benefits. There are other things to consider:

Definition of disability definition of disability insurance companies in different ways. If you can not complete your duties some of the charges “own occupation.” Other people only when you can not fulfill payment duties “any occupation.” A little more expensive, “owner-occupied” policy is preferred because they provide broader protection.

Benefit period. benefit periods are when you choose to accept a monthly subsidy amount. Common benefit period runs from 5 years to 65 years to 67 years or life. BenefiT a longer period will increase your monthly premium. Benefit period to match your expected retirement age.

Remaining in coverage. This function allows you to work part-time or low-wage work in the other, also collected benefits to make up for lost revenue. While some policy criteria, the residual benefit may be added as the other riders. Another perk: This feature is part of the loss of income benefits based on pay, even if you do not have total disability initial stage,

A “irrevocable” policy you want to cover, the insurance company can not cancel, and they will have to renew every year at the same price. If this is not the only policy to a “guaranteed renewable” coverage is less expensive upfront, but premiums may rise.

Elimination PERIOD. This is the waiting period, or the number of days you are disabled before benefits begin. You usually get the best rate for 90 days. Reduce cycle to 60 days can result in a 50% surcharge.

You can add other drivers. One is the cost of living, an adjustment, but if you’re in the fifties or your spouse works is inflation protection may not be necessary. Another is the future purchase options, allowing you to buy add to your income range, without going through underwriting again. With his policy, Silberman includes two types of drivers, and even his salary premium life insurance policies.

Other riders or strategies can help you maintain your retirement plan contributions, to provide long-term care benefits or converted to Weng long-term care policy. Avoid policy, if you are disabled for a particular condition, such as cancer cover income – you’d better have an overall disability policy. Consumers should also be aware of what triggers a specific policy or rider.

In addition, although tax benefits payable under the policy provided by the employer, benefits from a single policy is generally tax-free, as long as you pay the premium after-tax dollars.

Make sure you choose the insurance company will invest the highest rating from AM Best Company (www.ambest.com), Moody’sThose services (www.moodys.com) or Standard & Poor’s (www.standardandpoors.com).