Why? – When a disabling illness or injury occurs will your income be eliminated or substantially reduced? If so, how will Your Family or Business be affected?

How Much is Needed and for How Long? –That depends – You need a Plan!

Finally What Can You Afford to Pay?

THESE ARE QUESTIONS YOU NEED TO ANSWER!

TYPES OR FORMS:

Monthly Income:

• May be issued for a specific number of years or to a specific age -- typically to age 65 or Social Security Normal Retirement Age. Premiums are usually level for the period issued. Some may return premium in the form of cash or to be applied to future premium.
   
• Specialized contracts are available extending beyond “Normal Retirement Age” (65) usually for periods of 2 or 3 years and sometimes renewable subject to insurability and at an increased rate.
   
• Elimination Period – No benefit will be paid until the Elimination Period has expired typically 30, 60, 90, 180 days after commencement of the disability. Some may be as long as 1 or 2 years.
   
• Benefit Amounts – Issued as a percent of earned Monthly Income. Specific amounts may be subject to unearned income or other factors. Maximums are usually between 50% - 65% of earned income.
   
• Premiums are generally waived after 90 days of becoming disabled.

Single Sum:

• Single Sum contracts are issued by a limited number of carriers. Elimination Periods may be 6, 12, 18, 24 months or more.
   
• Benefit Amounts are based on the purpose or reason for the purchase.
   
• Premiums are generally waived after 90 days of becoming disabled.