What Keeps You Up At Night?: Common Questions
Disability Income Insurance
Protecting Your Income Is A Good Decision
In its most basic form, income provides money for shelter, food, and clothing. But our income, as we all know, is anything but “basic.” Your income isn’t just a paycheck. It’s usually the primary source of funding for every part of your life. Expressed another way, your income — when viewed over your entire career — is often your single most important asset.
Can I afford to become disabled by illness or injury and be unable to work for months?
Did I sign up for the Group Long Term Disability policy at work?
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Does that policy cover 100% of my monthly income?
- If not, how would I cover the remaining percentage?
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How will I cover my other annual compensation, e.g., stock options, bonuses, and other incentives?
- Group LTD policies cover only a percentage of salaries.
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How does the policy define disability?
- Do I have “own occupation” or “any occupation” coverage?
- How long does the “own occupation” coverage last?
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What happens when I go back to work?
- Will I go back to a less-well-paid job?
- What are those benefits?
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Should I ever turn down group coverage?
- If my current plan is too stingy, where do I turn?
Should I shop for a supplemental DI policy?
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How much coverage? How expensive is it?
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How long the duration of benefits? Is there a cap?
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Are the benefits coordinated with Social Security in the event of permanent disability?
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Can I afford not to have this supplemental policy?
How can I keep costs down if I buy a supplemental policy?
*Source: American Payroll Association, “Getting Paid in America” Survey, 2020. A disability income policy has exclusions and limitations. For cost and complete details of coverage call your agent or Lenox Advisors, Inc. at212-536.8700 for a referral to an agent. DI15 CRN202304-280982