Disability Insurance
Replace a portion of your paycheck if you can't work due to illness or injury. Explore short-term and long-term coverage with options tailored to your occupation and income.
How Disability Insurance Works
Key definitions, optional riders, and what to expect in a claim
Key Definitions
- Own‑Occupation: Benefits pay if you can't do the main duties of your specific job.
- Any‑Occupation: Benefits pay only if you can't work in any suitable job.
- Elimination Period: Waiting time before benefits start (e.g., 30/60/90 days).
- Benefit Period: How long benefits can be paid (e.g., 2 years, 5 years, to age 65/67).
- Residual/Partial: Pays a partial benefit if you can work but with reduced income.
Popular Riders
- COLA: Cost‑of‑living adjustment increases your benefit over time.
- Future Purchase Option (FPO): Increase coverage later without medical exam.
- Residual/Partial Disability: Helps if income drops due to limited capacity.
- Catastrophic Disability: Extra benefit for severe impairments.
- Own‑Occ Upgrade: Strengthens the definition for specialized roles.
Claims Process
- File a claim: Tell your carrier and submit your claim forms.
- Provide proof: Doctor's statements and work details support your claim.
- Wait period: Benefits begin after the elimination period ends.
- Receive benefits: Monthly payments continue while you meet the definition.
- Ongoing review: Periodic updates confirm continued eligibility.
Disability Insurance FAQ
Clear answers to common questions about protecting your paycheck
What is disability insurance?
It's insurance that pays part of your income if you can't work because of an illness or injury. Think of it as a safety net for your paycheck.
How much coverage do I need?
Many people choose 60–70% of their gross income. If premiums are paid with after‑tax dollars, benefits are typically tax‑free.
What's the difference between short‑term and long‑term?
Short‑term fills the gap for a few months after a short waiting period. Long‑term kicks in after a longer waiting period and can last years or to retirement age.
What is an elimination period?
It's how long you wait after becoming disabled before benefits begin. Common options are 30, 60, 90, or 180 days. Longer waits usually lower the premium.
What is "own‑occupation" coverage?
It means you can receive benefits if you can't perform the main duties of your specific job, even if you could work in another job.
Can I get coverage if I'm self‑employed?
Yes. Individual long‑term disability plans are available for self‑employed people and small business owners. We'll help you document income and choose features.
Ready to Protect Your Paycheck?
Our licensed disability insurance specialists will help you choose the right benefits, waiting period, and riders for your job and budget.
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di@theinsurancebox.com
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