Disability Insurance

Disability Insurance

We understand that the majority of our client’s biggest asset is their ability to earn an income. If your income stopped tomorrow, how could you continue to provide for your family? How could you achieve your most meaningful goals? Our disability insurance specialist’s understand that 1 in 3 people will be disabled for over 3 months during their life, with the average disability lasting 5 years.

Disability Insurance provides the insured with financial stability in the event of long-term injury and/or illness. These policies guarantee the policyholders with constant monthly benefit values based on premium payments. The amount of monthly benefit received should be enough to cover the majority of any loss of wages and expenses that are incurred during the duration of injury and/or illness. When choosing how much and what kind of disability policy it is important to take into consideration monthly earnings and expenses. When determining the benefit amount you should also consider that higher benefit payouts mean higher premium costs. Disability Insurance is also impacted by age, sex and occupation. Disability Insurance can be both provided for individuals and for groups.

Key Person Disability

These policies are usually used to insure the leading officer or management team of an organization. Many lenders require these types of policies before lending money to businesses. Key Person policies can insure the “Key Person” or key people in any business to ensure that the business is financially stable should anything happen to the leading officer(s). These kinds of policies provide a business with more leverage to gain loans and other economic benefits of having insured officers. These policies allow a business to repay off loans and debt associated with investments if anything should happen to the insured. Key Person policies are also available for Disability Insurance as well. When deciding whom to insure, businesses need to take into consideration the net worth of the individual to the overall success of the company. Additionally, the business needs to estimate the total lost revenue incurred should anything happen to the insured. Furthermore, it is important to consider any outstanding debt, expenses or loans that may be repaid by using a Key Person policy.

Contact Andy Borgia at 858-523-7511 to further discuss your financial service needs.

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