Princess Anne Office

30386 Mt. Vernon Road

Princess Anne, MD 21853

Disability Insurance

YOU are Your Most Important Asset

When it comes to insuring your assets, the most important thing is not your house, or any material object; but YOU and your ability to work and to provide for your family. At Landmark Insurance & Financial Group, our knowledgeable team of Health Insurance Experts can help guide you to the Disability Insurance Plan that meets your needs.

Why Would I Need a Disability Policy?

Why Would I Need a Disability Policy?

If you have a Disability Policy in place and become disabled or unable to work:

  • You will be able to continue to pay your bills and keep you keeping your family from serious debt.
  • A Disability Insurance Policy pays you a portion of your income, generally between 50 and 70 percent when you are unable to work as a result of injury or illness.

One of our Health Insurance Experts at Landmark Insurance look at the individual factors in your life and work situations to help you find the policy that best meets your personal insurance needs.

How Much Does Disability Insurance Cost?

A variety of factors influence the final premium for Disability Insurance. Such as:

Age: Typically, the older the applicant, the higher the premium. The minimum age for applying is 18 and the maximum age is usually 60.

Gender: Unlike life insurance, female rates are higher per unit of coverage than those for male applicants.

Tobacco: Tobacco users can expect to pay as much a 25 percent more for the same protection as a non-Tobacco user.

Benefit Amount: Disability policies are issued with a specific benefit amount.

Elimination Period: This may also be is called the “waiting period.” It refers to the period of time you must be out of work before benefits are paid.

Ratings: Applicants who have a pre-existing health problem may be charged a higher premium against the extra risk.

Terms You Should Know When Shopping for Disability Insurance:

Disability: There are 5 types of Disability:

  1. Total disability - you cannot work at all.
  2. Partial disability - you cannot perform all of your job functions, but you can perform some of them.
  3. Permanent disability - doctors do not expect you to recover from your injury or illness. A permanent disability could be total or partial.
  4. Temporary disability - is one you are expected to recover substantially from. A temporary disability could be total or partial.
  5. Presumptive disability - you have suffered from something that automatically qualifies you to receive immediate disability payments; your insurance company will presume you to be disabled.

Benefits: The amount the insurance company pays for covered services.

Own-Occupation – You are unable to perform the material and substantial duties of your occupation. If you meet the definition of totally disabled and become employed in a new occupation, your  benefit will not be affected by any income from the new occupation, regardless of the amount.

Benefit Period: The benefit period refers to the length of time that the benefit is paid once you have satisfied the elimination period. Policies commonly pay for two, five or 10 years. Other policies pay to age 65 or your Social Security Normal Retirement Age (SSNRA). The longer the benefit period, the higher the cost.  Benefits end when you return to work in your occupation, or depending on the contract to another occupation making the same income.