Podcast No. 6
Understanding Disability Income Insurance
Disability is 16 times more likely than death to cause foreclosure:
Death 3%
Disability 48%
Source: Federal Housing Administration
Many of the conditions that once would have killed people are leaving them disabled instead. Like high blood pressure, diabetes, heart disease, etc.
Percentage of people who can expect to suffer a disability lasting at least 90 days before reaching age 65.
If a disability of 90 days or more lasts two years, it will probably continue longer, even for life:
Social Security FactsDefinition: Inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted or could be expected to last for a continuous period of 12 months or result in death. Impairment must be so severe that individual is unable to engage in substantial gainful work that exists in the immediate area in which applicant lives; a specific job vacancy exists; applicant would be hired. Average benefits: $570/mo.
If Your Three Most Valuable Assets Were Worth:
$20,000
$200,000
$2,000,000
Which Would You Insure?
Do you have your car insured?Do you have your home insured?Doesn’t it make sense to have your income insured?
Short term vs Long Term Disability Insurance
Group vs Individual DI policies.Do you really need benefits payable to age 65?How much benefit can you qualify for?What about doctors and professionals who need large amounts of coverage?How to shop for rates?What to look for in a disability income policies?
Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.
For questions, they can be reached at Rajesh Jyotishi: 770-451-1932, Jennifer Stucky: (770) 664-5526.
You can Listen, Subscribe & Download on itunes
Theme music for the Money Wise podcast is "Now or Never" written by Rajesh (R. J.) Jyotishi on an upcoming CD called Carpe Diem.
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