The Basics of a Disability Income Insurance Policy
You’ve worked hard to build a successful career. The income you earn supports your family, your financial goals and your lifestyle. That’s why your income might be your most valuable asset – even more so than your house, car or savings.
If you were sick or injured and unable to work, what kind of financial impact would the loss of your income have on your family?
Call us for a quote or questions regarding Disbility Income Insurance Policy at 713-369-0997
Help Protect Your Income
Disability income insurance provides benefits to help replace a portion of your income if you’re sick or injured and unable to work. It’s financial protection that helps you focus more on your recovery and less on how you’ll cover expenses.
In addition to your income, here are some of the most important things in your life that disability income insurance helps protect:
- Your home
- Your retirement
- Your family
- Your personal savings
- Your lifestyle
How to determine how much disability income insurance is right for you
Calculate Your Expenses
You rely on your income to meet your financial needs. Your income helps pay the mortgage or rent and for everyday expenses like groceries, gas for your car or for childcare services.
Determine the Length of Your Benefit
You might want disability income insurance coverage to last for 6 months or to your retirement age.
Start Your Benefit
You can choose when your disability benefits would begin – from 30 days to 730 days after a disabling event.
Our Solution to Help Protect Your Income
A solid financial plan starts with your ability to earn an income. Mutual Income Solutions, disability income insurance from Mutual of Omaha Insurance Company, provides benefits to help replace a portion of your income if you’re sick or injured and are unable to work.
Policy Agent Income Solutions Product Details
Issue Ages
18 to 61 years old
Maximum Monthly Benefit
$300 to $20,000 per month (in $100 increments)
Benefit Period
The length of time you receive benefit payments after a disability occurs.
6 months, 1 year, 2 years, 5 years, 10 years or to ages 65, 67 or 70
Elimination Period
30, 60, 90, 180, 365 or 730 days
Built-in Policy Benefits
APolicy Agent Solutions policy includes several built-in benefits where you’ll receive a monthly benefit after your elimination period if you’re sick or injured and not gainfully employed in another occupation. Here are the disability benefits that are part of a Policy Agent Income Solutions policy:
Survivor Benefit
Your beneficiary will receive a one-time payment of three times your monthly benefit amount if you pass away while you’re receiving your benefits.
Transplant Donor Benefits
You’ll receive full benefits if you’re disabled during surgery while donating an organ or tissue.
Recurrent Disability
Your elimination period is waived if you suffer a new disability within 30 days or a recurring disability in six months.
Rehabilitation Benefit
You’ll receive vocational rehabilitation services limitations may apply at no cost while you’re receiving disability benefits.
Waiver of Premium
Your premium for your policy and the optional benefits you select are waived after the elimination period or 90 days, whichever is shorter, is satisfied.
Military Suspension
Your coverage may be suspended if you’re called to active duty.
Presumptive Total Disability
You’ll receive full benefits for the length of your benefit period if you are considered to be totally and permanently disabled without any chance of recovering to work in your previous profession.
Customize Your Coverage
Everyone has different financial needs. A disability income insurance policy can be customized to provide you the coverage to help replace a portion of your income if you become sick or injured and are unable to work.
The type of policy you select is a key factor to your premium payment amount. Here are your two options:
- Non-cancelable
Your premiums are locked in and your coverage is guaranteed for the duration of the benefit period you select, as long as you pay your premiums on time or within the grace period
- Guaranteed renewable
Your coverage is guaranteed as long as you pay your premiums on time or within the grace period. Your rates could be increased only if the change affects an entire class of policyholders
No Cost Optional Benefits
Increase your monthly benefits by selecting one or both of these options:
- Automatic Increase Benefit (AIB)
Automatically increases your monthly benefit by 4% each year.
- Future Insurability Option (FIO)
Increases your monthly benefit every three years after you buy the policy.
Contact An Agent
To schedule an appointment call 713-369-0997
Additional Optional Benefits
Customize your policy with optional benefits to enhance or extend your benefits. There is an added cost for the following optional benefits.
Extends your current occupation coverage for the length of the benefit period
Extends your current occupation coverage for the length of the benefit period and allows you to receive full monthly benefits if you are unable to work in your occupation and currently working in a different occupation
Pays a percentage of your total monthly benefit if you’re partially disabled. Enhanced Residual Disability is also available to additionally provide a recovery benefit if you’re still experiencing a loss of income after you return to work full time.
Returns a portion (50 or 80%) of the premiums paid less claims paid every 10 years, up to $12,000 total maximum monthly benefit. This benefit is not allowed if AIB and/or FIO is selected.
Provides a percentage (15% in year six to 100% in year 25) of all premiums paid for the policy and riders, minus any benefits in claims, up to $12,000 total maximum monthly benefit. This benefit is not allowed if AIB and/or FIO is selected.
Extends your mental or nervous disorders and substance abuse coverage for the length of the benefit period
Pays an additional benefit amount if you have a catastrophic disability and you’re unable to perform at least two activities of daily living without substantial assistance from another person or require substantial supervision due to severe cognitive impairment
Increases your benefit annually when you receive benefits
Lowers the premium since the benefit you receive is the amount of monthly income you purchase, less any benefits provided by Social Security.
Extra Value with Discounts
Getting the most value for your money is important to you. Here are the following ways you can receive a discount on your monthly premiums when you purchase a Mutual Income Solutions policy. Earn up to a maximum 30% in premium discounts.
15% discount available to groups of three or more people working for the same employer
15% discount available to individuals with a minimum of two years self-employment
15% discount for members of an approved organization
Receive a 10% discount when both you and your partner are issued a Mutual Income Solutions policy
Receive a 10% discount if you’re issued an individual disability policy within 90 days of being issued an eligible fully underwritten life insurance or a long-term care insurance policy.
The need for disability income insurance
43% of all current 40-year-olds will have a disabling event lasting 90 days or more by the time they’re 65.*
3 years is the approximate average length of a disability absence from work.*
*Source: Council for Disability Awareness, disabilitycanhappen.org, 2018
Things to consider
You should have enough disability income insurance to at least pay your monthly living expenses, so you and your family can focus on what’s most important during such a critical time…your recovery.
You rely on your income to help make financial ends’ meet. That’s why it’s important to protect your income at any age during your working years.
The best time to buy disability income insurance is now. A disabling sickness or injury can happen at any time, at any age. And, since premiums are based in part on your age at time of purchase, elimination may cost you more. Considering all that your income provides, and the financial goals you’ve set, isn’t it important enough to get started today?
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