Long Term Care
Individual disability income protection is a must for a business owner, and highly recommended for executives or anyone concerned with income replacement. If you are a business owner, you should consider purchasing both group and individual policies. As an executive you should be sure to obtain group coverage if it is available. Only 43 percent of large companies provide group long term disability insurance.
Your chances are even less likely to get long term disability insurance if you work for a small company. The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy; and often you can get coverage automatically without having to qualify medically. If your employer doesn't provide disability insurance or if you want to supplement an employer group plan, then you may want to consider an individual disability policy. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?
A typical individual disability income protection plan starts to pay benefits after you have been off work for one to six months, and pays benefits for several years or until retirement age, depending on the policy.
This website provides a basic summary of the insurance products offered by Martin & Zerfoss. It is not a statement of contract and coverage may not apply in all areas. For a complete description of coverage, please read the insurance policy, including all endorsements.