|
|
|
Canadian Funeral Insurance: Our Final Gift to Those We Love
Most of us don't like thinking about our own funerals, but no matter how much we ignore the inevitable, the truth is that when the time comes someone will be responsible for those expenses. The question is will it be our grieving loved ones who foot...
Insurance - Necessary For Peace of Mind
There are many various types of insurance. Insurance is a policy where you invest a certain amount, that you do not get back, that will pay you in the event of a predetermined event. The specifics vary greatly according to the kind of insurance. ...
Life Insurance - Money saving Top Topis
More and more people are buying life insurance online and the numbers seem to be doubling every two years. The reasons are clear. Prices are lower on the Internet and life insurance is fundamentally a simple insurance product.
Despite the...
Nine Ways To Lower Your Auto Insurance Costs
Nine Ways To Lower Your Auto Insurance Costs You may not realize it, but the insurance rates you pay for your car can vary dramatically depending on the insurance company, agent or broker you choose, the coverage is you request and the kind of...
Why Income Protection Insurance Makes Even More Sense To Employers
It is interesting how group income protection is rising in
popularity by the day in the corporate world. It just goes to
show that the protection of an employee's income is important to
both the individual and the employer. In fact in some cases...
|
|
| |
|
|
|
|
|
|
Quick Facts on Disability Insurance
Quick Facts About Disability Insurance
§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection from medical expenses or recovery of damages for “pain and suffering”.
§Since the benefit payments are designed to be income tax-free, insurance coverage in the amount of 2/3 of your salary is roughly equivalent replacing your net take-home pay. This is usually the maximum amount of insurance that you can purchase.
§Be prepared to show the insurance company a pay-stub is you are salaried or an income tax return if you are self-employed to prove the amount of insurable income.
§If you are self-employed, you can only insure the amount of net income that you reported on your tax return, even though your actual earnings might be much higher. In this case, you might want to supplement your insurance with “business overhead coverage” that does not depend on net income.
§Expect the insurance policy to exclude or limit coverage for pre-existing conditions. If you have a bad knee, for example, expect that your policy might have a 5 year rider on claims due to knee injuries.
§Most policies are issued for a term of five years of coverage, although you can buy a longer or shorter benefit amount.
§Most policies have a 90 day waiting period before you can begin collecting a benefit, but you can buy longer or shorter waiting periods.
§Most policies integrate with Social Security disability insurance. This means that the total amount of the benefit you collect will not exceed your net after-tax income before you were disabled.
§Most policies may be continued year after year
until you retire. But the average life of a disability insurance policy is about 5 years.
§The average time required for an insurer to review an application is about 3 weeks. The insurer may request copies of medical and financial records.
§Applications are still submitted on paper; no online enrollment system is available.
§Expect the premium cost to be about 2% of your salary if you have a “desk job” and about 4% of your salary if you work with your hands. Of course, this is a very rough guideline, and the actual cost will depend on a greater number of individual factors.
§When a policy is issued, you have at least 10 days to review all of the details and cancel the coverage if you are not completely satisfied. It may be useful to have an independent financial adviser review the new policy during this period.
§Assuming that you keep disability insurance for the balance of your working career, the probability of suffering a loss of income due to accident or illness sufficient to trigger a claim under your policy is about 1 in 4.
§If you become disabled, you should consult with an attorney who specialized in disability insurance claims before filing a claim with the insurer. This may help avoid delays and disputes regarding the claim.
About the Author
Tony Novak, MBA, MT, is a financial adviser based in Narberth, Pennsylvania. He is editor/publisher of “Tax and Benefit News” and moderator of the tax forum for financial planners at “Financial Planning Interactive”. He is available by telephone at 1-877-529-7435 to address public inquiries on tax and benefit planning issues free of charge through OnlineAdviser service sponsored by www.MedSave.com and www.FreedomBenefits.com.
|
|
|
|
|
| Insure.com Car Insurance Quotes, Term Life Insurance Quotes, Auto ... |
| Insure.com provides instant online car insurance quotes, term life insurance quotes, auto insurance quotes, health insurance quotes, home insurance quotes, ... |
| www.insure.com |
|
| Insurance Information Institute (III) |
| Attempts to improve public understanding of insurance -- what it does and how it works. The site is subdivided into sections for "Individuals" (consumer ... |
| www.iii.org |
|
| State Farm Insurance Companies |
| Provider of auto, health, home and life insurance. Get quotes and agents listings. National headquarters. |
| www.statefarm.com |
|
| Allstate - Official Site - Auto Insurance, Home Insurance ... |
| Offers insurance for autos, homes, property, life, mortgage protection, and business. Site includes many useful calculators and tools, an agent locator, ... |
| www.allstate.com |
|
| Progressive Auto Insurance - Car Insurance Quotes Plus Boat, RV ... |
| Provides instant online auto insurance quotes, insurance rate comparisons. Offers motorcycle, RV, boat, or car insurance. Purchase insurance online. |
| www.progressive.com |
|
| Insurance - Wikipedia, the free encyclopedia |
| It cannot put the insurance company in financial jeopardy. ... If the insured does not perform then the insurance company does not have to perform. ... |
| en.wikipedia.org |
|
| Cheap annual travel insurance | single trip holiday insurance quotes |
| Cheap quotes for annual travel insurance and single trip holiday insurance online with moneysupermarket.com. Over 450 policies compared in seconds... |
| www.moneysupermarket.com |
|
| California Department of Insurance |
| Works to foster an insurance market that is fair, competitive and accessible to all Californians. Site designed to assist consumers, aid in the licensing of ... |
| www.insurance.ca.gov |
|
| Insurance: Car, Auto, Life, Home, Business and Investment Services ... |
| Nationwide offers insurance and services including: car insurance, auto insurance home owner insurance, business insurance as well as investment services. |
| www.nationwide.com |
|
| GEICO Car Insurance. Get an auto insurance quote and save today ... |
| Offers auto and motorcycle insurance. Request quotes online or by phone. File claims online. |
| www.geico.com |
|
| Insurance Center - Yahoo! Finance - Find the Right Insurance for ... |
| Insurance Center - Protect and insure your assets with comprehensive resources about auto, home, health and life insurance. |
| insurance.yahoo.com |
|
| Compare Auto Insurance Quotes from Top Auto Insurance Companies |
| America's #1 online insurance agency. Compare instant auto insurance quotes, car insurance quotes, life insurance quotes, home insurance quotes, ... |
| www.insurance.com |
|
| Car Insurance, Home Insurance, Travel Insurance, Life Insurance UK |
| Provide travel, home contents and car insurance for professionals, graduates and students. |
| www.endsleigh.co.uk |
|
| Home Insurance Quotes, Car Insurance Quotes - Lloyds TSB Insurance |
| Home Insurance Quote, Car Insurance Quotes, cheap Travel Insurance, Pet Insurance, Business Insurance. Up to 15% discount for buying insurance online. |
| www.insurance.co.uk |
|
| Car insurance, Home insurance, Life insurance & more - Direct Line |
| Direct Line offer car insurance, home insurance, life insurance, travel insurance, mortgages, personal loans,breakdown cover and much more! |
| www.directline.com |
|
| PA Department of Insurance |
| State regulatory authority. Site provides information for consumers, producers, and the insurance companies themselves. |
| www.ins.state.pa.us |
|
| Texas Department of Insurance |
| Regulates the state's insurance industry, encouraging competition to make insurance available and affordable. [some content available in Spanish] |
| www.tdi.state.tx.us |
|
| Life Insurance (U.S. Department of Veterans Affairs) |
| Informationa about all Life Insurance programs administered and supervised by VA. |
| www.insurance.va.gov |
|
| Insurance for Canada and the United States by RBC Insurance |
| Specializes in life, health, travel insurance, and annuities for middle income families in Canada and the United States. Site offers individual, family, ... |
| www.rbcinsurance.com |
|
| Free Auto, Health, Life and Homeowners Insurance Quotes - MSN Money |
| Get free auto, health, life and homeowners insurance quotes from top insurance companies in the country. Find the latest news and information related to ... |
| moneycentral.msn.com |
|
|