What would happen if an accident or illness prevented you from working? For most of us, our lifestyle is dependent upon the family breadwinners' income. Disability income insurance provides replacement income if you're unable to work due to an illness or injury.
Coverage for individuals
Ohio National's individual policies are available for people in all types of occupations. Whether you're a doctor, cabinetmaker, executive, teacher or technician, your Ohio National representative can design a disability income policy to meet your needs and budget.
Coverage for small-business owners
Ohio National offers two types of disability income policies to protect small-business owners and their companies.
Business Overhead Expense (BOE) reimburses business owners for the expenses necessary to keep their company running upon the disability of any of the owners.
Business Buy-Sell provides the funds to effect an orderly transfer of ownership in the event of a business co-owner's disability.
In order to really understand disability income insurance, you need to ask yourself these four questions:
1. If you were to become disabled, how much much income would you need to replace to fuel your lifestyle and needs?
When you figure out the monthly income you will need, use this answer to choose the monthly benefit.
2. How long can you wait before the monthly benefit starts?
Normally, an elimination period lasts around 90 days. You can choose to have a shorter or longer elmination period. Keep in mind that the longer the elmination period, the lower your insurance price will be.
3. How long would you like your benefits to last?
Depending on your occupation, your benefits can have a limited time period. For example, plumbers and carpenters may only have a policy up to five years. If you have a desk job, your benefit period can last a number of years or up to a certain age. The longer to benefit period, the higher your policy price will be.
4. How do you define "disability"?
Analyze your condition and think about if you cannot work at all or if you could work part-time. Your occupation is the main thing to think about.
If you become disabled, God forbid, standard-unemployment benefits will likely not provide what it takes to replace your income. Disability insurance gives you the ultimate safeguard. Cosmo Insurance Agency in New Jersey will shop for the ideal plan, from the superior carrier, based on your individual situation.
Short term disability insurance provides you with most of your previous income level for up to two years. Long term disability insurance provides this coverage for several years, up to retirement, depending on the plan you choose.
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