Disability Insurance
Disability Insurance
ChiroSecure works closely with our experienced underwriters to assist you in getting the best policy coverage and premium. We have several different policies to fit your Disability insurance needs.
Your career is a direct result of hard work and a substantial investment of time and money. Doesn’t it make sense to fully protect it? A disability could render you helpless by taking away the one thing that you need to safeguard more then all others assets, your income. Disability insurance will help protect you, your business, and, your family in the event you are unable to perform your job duties and therefore earn income .
- Most people don't realize the risk of becoming disabled, permanently or temporarily, at some point in their lives. But the reality is that at age 40, your chances of becoming disabled for 90 days or more prior to age 65 is 43%. (Source: 2004 Field Guide, National Underwriter)
Product Summary
Disability insurance is a form of insurance that protects the insured’s earned income in the event that the insured becomes disabled and unable to perform the material duties of their occupation. Disability insurance can replace up to 85% of the earned income of the insured and will usually also cover all medical and rehabilitation expenses caused by the disability.. These policies can include paid sick leave, short term disability and long term disability benefits.
Main Types of Disability Insurance:
Long Term: An illness or injury where it is determined that the employee is incapable of performing the essential duties of his/her job and is being treated by a physician for the related illness or injury. The terms and conditions of long-term disability pay will depend upon the insurance provider Long term disability typically covers around 75-85% of the insured’s actual income.
Short Term : An injury or illness that keeps a person from working for a short time. The definition of short-term disability (and the time period over which coverage extends) differs among insurance companies Short term disability typically covers around 45-60% of the insured’s actual income.
What Affects the Cost of the Policy?
There are a number of factors taken into consideration when determining the premium of a disability insurance policy. One of the main factors in determining the premium is the insured’s occupation. If the occupation itself has a higher risk of injury or disability then that will cause the premium of the policy to be more expensive. Age is also taken into consideration when determining the premium, as well as health conditions and family history. Lastly, criminal offenses such as DUI, theft and others on the insured’s record will have a major impact on the premium and insurability.
Chiropractors and Disability Insurance
In the past several years, many insurance companies have made it very difficult to insure chiropractors. They see the industry as high risk due to the fact that chiropractors work on their feet all day and use their bodies to adjust patients. With that being said, some carriers won’t insure chiropractors at all. The ones that will are very stringent on what they offer. You can expect a 5 year benefit, 90 day waiting period, and about 50-60% of your annual income to be covered.
Your ChiroSecure team will work to get you the best options to fit your personal needs.
