1901 Research Blvd, Suite 400
Rockville, MD 20850
888-513-2300
Search

Disability Insurance > Articles > Disability Insurance 101

Disability Insurance 101 Articles

Articles

The Social Insurance Substitute Rider
by Bill Olmsted

You’ve probably heard that if you rely on your income to pay your bills, you should have a disability insurance policy to protect those earnings. This is the cornerstone of a good financial plan. Unfortunately, many people who don’t have a plan at work don’t buy a policy due to the perceived high premium. …


Buying Coverage For Your Pregnancy
by Susan Campbell

Every mother-to-be dreams of what the future will hold with your new bundle of joy and you want to do everything you can to assure it will be the best possible future. While no one plans to have a complicated or difficult pregnancy and or delivery, it happens and you want to be prepared for this. New …


Own-Occupation Disability Insurance
by Gary Fegan

I have been in the business for over 20 years and have seen and heard more than most about good and bad DI policies and companies. My goal is to help the consumer understand the importance and benefit of making sure that they are covered with an extremely important feature that should be, but is not …


What are the Most Important Things to Look for in a Policy?
by Larry Laskin

Disability insurance is probably the most important insurance you will ever own. You may have researched the various policies and are confused by the definitions in the policies. Which optional riders are the most important? What exactly do they mean? How do they affect my ability to collect benefits? …


The Most Popular Riders To Include On A DI Policy?
by Bill Olmsted

We have been focusing on the sale of individual disability insurance since 1997. In that time, we’ve been able to help tens of thousands of clients protect their income. One question that comes up frequently when advising a client on how to design their coverage is – What optional riders should I purchase? Optional …


Available Discounts You Can Use
by William Olmsted

There are many ways to purchase a policy. Before the advent of the internet, people who wanted to buy a disability insurance policy met with their local agent who presented them with a quote from their preferred carrier. An application was taken and a few weeks later, the client had a policy to protect …


Top 3 Mistakes People Make Buying Disability Insurance
by Bill Olmsted

In 2014, my office submitted over 1,100 applications for individual long term disability insurance with major insurance companies. In doing so, I’ve seen many mistakes that people make once they’ve decided to buy a policy to protect their income. I’d like to share the top 3, and why they can be so …


The Benefit Period
by Steve Crawford

What is a Benefit Period? The Benefit Period is the maximum length of time a policy will pay benefits for a continuous disability. Berkshire Life offers several different benefit period options: To Age 67To Age 65Graded Lifetime Benefits10 Years5 Years2 Years How Do I Know Which Option To Use? We have …


Residual Disability Benefits for Partial Disability
by Michael Relvas

The residual disability benefit provided in a DI policy is typically one of the most overlooked benefits and yet can also be one of the most valuable for consumers. When purchasing an IDI policy, it is important to consider the fact that nearly 95% of all long-term disability insurance claims are caused …


Comparing Disability Insurance Policies
by Gary Fegan

Insuring your life's worth of income against a disability is one of the most important decisions that you will make and should be considered very thoughtfully! You need to thoroughly evaluate and understand the policies that you are considering. You do not want to be surprised at claim time (when you …


The Future Increase Option Rider
by Steve Crawford

Guardian’s disability insurance policy1 offers many optional riders2, and on this website you can see what the most popular optional riders are for Guardian’s policies. The second most common rider chosen by consumers today is the Future Increase Option Rider3, with over 62% of applicants selecting …


What Does A Disability Insurance Policy Cost?
by Gary Fegan

Well, the policies and companies that offer coverage vary dramatically, so there is no simple answer. It would be wise to work with a specialist who either solely, or mostly, focuses on disability insurance. Much like a doctor with a specialty- you want to work with a specialist to fix your specific …


Non-Cancellable and Guaranteed Renewable
by Steven Crawford

Individual disability insurance can be a difficult financial product to fully understand, as no two policies are the same at any insurance company. If you are shopping for a policy for yourself, you may have seen the term “Non-Cancellable & Guaranteed Renewable” already. Hopefully I can help you understand …


What Are My Alternatives?
by Larry Laskin

If you have ever shopped for disability insurance, you may have been surprised at the cost. It is not cheap, and typically costs between 1-3% of your annual income depending on various factors such as age, occupation, benefit amount, and elimination period. Many people mistakenly compare the cost for …


The Basics of Disability Insurance
by Gary Fegan

Probably the single most important insurance coverage one can have is Disability Insurance. This product helps to protect you from a sickness or injury that inhibits your ability to work and earn a paycheck. If you become totally disabled with no protection, you may likely be financially decimated! …


Can I Reduce My Premiums?
by Larry Laskin

You own a car and you bought auto insurance. Why? Because it is required by law. You own a house and have a mortgage. You bought homeowners insurance. Why? Because the lender required it. You have a family and you bought life insurance. Why? Because you want to make sure that if you pass away prematurely, …


Mental & Nervous Coverage
by Steve Crawford

Stop!!! If you are like many people shopping for a personal disability insurance policy you may have the attitude of “I don’t care about whether or not my DI policy covers mental and nervous disabilities! It’s never going to happen to me, or I’m not crazy” You should absolutely care about whether or …


What Is The Best Disability Policy?
by Jack Le, CLU®

Many consumers often make the mistake of choosing an inexpensive disability insurance policy and ignoring the written terms and provisions that are frequently found within inexpensive policies. Inexpensive policies often end up costing the disabled insured a lot of benefits once a claim arises because …


5 Questions To Ask Before You Purchase A Policy
by Jack Le, CLU®

Disability insurance rates are dependent on many different components in a policy. The inexpensive policies available are typically the ones that pay out fewer benefits in fewer situations. The inexpensive policies may actually cost you more because of benefits not paid because of restrictive terms …


Should You Cancel Your DI Policy?
by Lawrence Laskin

Disability insurance, in my opinion, is the most important insurance you can ever own. After all, for most people their ability to work and earn a living is by far their biggest asset. Maybe you feel the same way. Your job did not offer a group long-term disability policy so you purchased one with …


The Cost of Living Adjustment Rider (COLA)
by Jack Le, CLU®

A Cost of Living adjustment (COLA) rider is an important feature in a disability insurance policy because it helps your benefits keep pace with inflation during a claim. How much of an adjustment you would receive and when the first adjustment occurs depends on which Cost of Living Adjustment rider …


The Elimination Period
by Bill Olmsted

Terminology for individual long-term disability coverage options and contract provisions can seem rather confusing to someone conducting their initial research only from quotes, sample policies. Let’s analyze a very important component of any policy- the elimination period. What is it and why is it …


The Top 5 Mistakes You Don't Want to Make
by Bill Olmsted

There are 5 mistakes I see people make all the time when they are in the process of buying a disability insurance policy. These mistakes can happen during the buying process, before an application has been submitted, or even after an application has been submitted and an offer has been made by the company. Mistake …


Catastrophic Disability Benefit Rider
by Gary Fegan

Provide Extra Funds During Severe Illness or Injury Funds for Added Flexibility - A devastating illness or accident can leave you needing extra assistance. The Catastrophic Disability Benefit (CAT) provides extra funds so you’ll have the flexibility to do things such as hire help and pay for items not …


The Automatic Benefit Enhancement Rider
by Gary Fegan

Automatic Benefit Enhancement Rider This convenient, no-cost rider helps keep your disability benefit aligned with normal, annual income increases you might experience when healthy. It’s applied automatically at the time of underwriting to eligible policies and provides an annual 4% benefit increase …