If your situation falls into one of the two categories mentioned above--and chances are it does--the Consumer Federation of America recommends that you purchase disability income insurance
. When reviewing various programs, consider:
In addition to disability income insurance
, the owners of a business should consider funding their buy/sell agreements with disability buy-out insurance.
Furthermore, in conjunction with a disabled partner's individual disability income insurance
and BOE insurance, a DBO policy will allow the business to continue to generate an income for the healthy partners, while a disabled partner is supported by the benefits from an individual disability policy.
For health insurance, disability income insurance
, and long-term care insurance, this might involve checking to see if the individual has, or can obtain, these coverages through an employer or a spouse's employer.
Among the respondents who do not offer disability income insurance
, 77 percent believe that the coverage is too expensive, 58 percent said that their business activities do not present a high enough disability risk to warrant coverage, and 42 percent said that they would be more likely to offer coverage should a worker become disabled.
Disability income insurance
policies can be classified broadly as either short or long term.
MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance
, long term care insurance, annuities, retirement plans and other employee benefits.
Buying insurance online, especially products like whole life and disability income insurance
, can be difficult because there are so many important variables that need to be explained by a professional before the buyer can make an educated decision.
The state's prompt-pay law provided exemption for LTCI products and several other types of insurance products, including liability insurance, workers' compensation insurance, automobile insurance, homeowners insurance, medical payment insurance and disability income insurance
A separate, individual disability income insurance
can help you fill the gap and help you pay your expenses during a disability.
"The Anatomy of Disability Income Insurance
," by Larry Schneider (Disability Insurance Resource Center, 2011).