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    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?

    • Nearly 69% of wage earners would find it either ‘very or somewhat difficult to meet their current financial obligations if their next paycheck was delayed for just one week.*

    Did I sign up for the Group Long Term Disability policy at work?

    • Does that policy cover 100% of my monthly income?

      • ​​If not, how would I cover the remaining percentage?
    • 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.
    • How does the policy define disability?

      • Do I have “own occupation” or “any occupation” coverage?
      • How long does the “own occupation” coverage last? 
    • What happens when I go back to work?​

      • Will I go back to a less-well-paid job?
      • What are those benefits?
    • Should I ever turn down group coverage?

      • If my current plan is too stingy, where do I turn?
    • Does this coverage cover my 401(k) contributions?
      • Does it cover my employer's matching contributions as well?

    Should I shop for a supplemental DI policy?  

    • How much coverage? How expensive is it? 
    • How long the duration of benefits? Is there a cap?
    • Are the benefits coordinated with Social Security in the event of permanent disability?
    • Can I afford not to have this supplemental policy?

     How can I keep costs down if I buy a supplemental policy?

    • How long can I rely on my own resources before  I put in a claim?

    • Should I consider forming my own multi-life plan with others at work?     

    *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. at 212-536.8700 for a referral to an agent.

    DI15 CRN202304-280982