Disability Insurance Company

A disability insurance company is a company offering a disability insurance policy to protect workers in case of a disability. A disability insurance company may offer group disability insurance or individual disability insurance policies.

Disability Insurance Company: Options for Flexible Policies

A disability insurance company offers various policies which are flexible. An individual who is not enrolled with his/her employer can avail of an individual disability insurance policy.

A disability insurance company is a company offering a disability insurance policy to protect workers in case of a disability. A disability insurance company may offer group disability insurance or individual disability insurance policies.

Disability Insurance Company: Options for Flexible Policies

A disability insurance company offers various policies which are flexible. An individual who is not enrolled with his/her employer can avail of an individual disability insurance policy.

Although the flexibility in choosing options are lower; the group disability insurance policy offered by a disability insurance company is more economical.

Disability Insurance Company: Factors

There are several factors which are examined prior to buying a disability insurance policy from a disability insurance company.

Some of the factors that a disability insurance company accounts for prior to enforcing a disability insurance policy are waiting period, benefit period, disability insurance coverage, riders, disability insurance premium, disability insurance cost and definition of disability.

Disability Insurance Company: Premiums

A disability insurance company may charge a disability insurance premium in the following manner. The information below provides only an approximate estimation of the disability insurance premium charged by a disability insurance company.

When the age of the disability insurance policyholder is 30 years, the disability insurance company may charge $37.84.

 

When the age of the disability insurance policyholder is 35 years, the disability insurance company may charge $45.16.

 

When the age of the disability insurance policyholder is 40 years, the disability insurance company may charge $54.85.

 

When the age of the disability insurance policyholder is 45 years, the disability insurance company may charge $63.72.

 

When the age of the disability insurance policyholder is 50 years, the disability insurance company may charge $70.55.

Disability Insurance Company: Definition of Disability

The disability insurance coverage is determined by several factors. Depending on the definitions listed below; a disability insurance company decides the disability insurance premium.

Own occupation definition of disability: Any individual who is disabled due to non-work related reasons. The individual should not be performing one’s material duties in one’s place of work in order to qualify for own occupation disability.

 

Any occupation definition of disability: After fulfilling the condition for own occupation, a disability insurance company considers an individual as disabled under any occupation if the individual is unable to perform any duty even at home.

 

A disability insurance company may offer either a short term disability insurance policy or a long term disability insurance policy.

Disability Insurance Company: Short Term Insurance Policies

Short term disability insurance, also called accident or sickness insurance, has the following benefits:

Benefits can be availed for 26 weeks.

Benefit amount is approximately 66% of the gross amount. It amounts to $400 to $2000 every month.

Waiting period of 1 to 14 days.

Benefit period can be availed up to 4 years.

Disability Insurance Company: Long Term Insurance Policies

A long term disability insurance policy offered by a disability insurance company can offer benefits as mentioned below:

Benefits can be availed for 2 to 5 years.

Renewal at the age of 65 years is guaranteed.

Disability insurance coverage for illness which is non work related is provided.

Accidental benefit of $2500 can be availed.

One can reduce ones premium by reducing the waiting period from 6 months to a year.

Waiting period can be of 7, 14, 30 or 90 days.

No individual is asked to give an account of the benefit money usage.

Disability Insurance Company: Riders Enhance Benefits

One can choose from several riders which a disability insurance company provides. The riders offered by a disability insurance company can enhance the chances of doubling one’s benefits.

Given below are some important disability insurance company names:

Abbott Insurance Agency

Brian Greenberg and Associates

Prudential Financial

Northwestern Mutual Financial Network

New York Life