Specialized Forms of Disability Insurance for Quotes
- Group Long Term Disability Insurance
- Business Overhead Expense
- Disability Buy-Out
- Disability Key Man
- Pension Completion
Group Long Term Disability Insurance Quotes Policies
Many employees of large firms have the Group Lung disability insurance: quotes Term Disability (LTD) type of coverage. The benefits are usually inexpensive and fairly comprehensive. Benefit amounts can be between 50%-70% of pre-disability earnings. The disability benefit is integrated, meaning that it is reduced by any social security disability or state disability that you might receive. Many LTD plans have benefit periods up to age 65. Generally, it does not make sense to replace your LTD benefits by purchasing an individual disability plan. It may make sense, however, to supplement your LTD with the purchase of an individual plan. If you own or operate a company with more than three employees (10 is even better), give serious consideration to offering LTD. Apply for disability insurance quotes!
Business Overhead Expense
Business overhead expense insurance pays a business owner’s fixed expenses in the event he/she is disabled. When a business owner is disabled many business expenses (rent, payroll, phone, etc.) continue. A disability overhead expense policy can help pay these expenses. These policies generally have a shorter elimination (waiting) period and a one to two year benefit period. The shorter benefit period is sensible, because one to two years should allow the disabled owner to determine his/her degree of disability and if necessary sell the business. Overhead expense disability is relatively inexpensive and should be considered by any business owner with high expenses. Apply for disability insurance quotes today!
What if one of your partners/shareholders was disabled and could never work again? It may become necessary to buy that person out. However, at a time when your business is struggling due to this person’s loss, buying out your disabled partner could be very expensive and could financially strain your firm. A Disability Buy-Out contract could provide money (in a lump sum or installments) to pay for the purchase of your disabled partner’s interest. Apply for disability insurance quotes today!
Disability Key Man
What if an employee essential to the operation of your business became disabled? You might suffer a financial loss. In fact, the financial loss that you experience due to this disability could exceed the loss caused by a large fire at your business. You probably insure your physical property; what about that key employee? If you have an employee this valuable, consider insuring your risk with Disability Key Man Insurance.
Even if you have adequate disability insurance, what if you have a career-ending injury at age 30? When you reach age 65, since you did not work in the last 35 years, you would have next to nothing built up in your pension and retirement plan. A pension completion disability policy would allow you to collect an added benefit. This benefit would be invested to provide the pension that your disability took from you. Apply for disability insurance quotes today!