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Disability Insurance 101 Questions & AnswersWhat is disability insurance?Disability insurance replaces part of your inco...
21/06/2021

Disability Insurance 101 Questions & Answers

What is disability insurance?

Disability insurance replaces part of your income for a specific period of time if you're unable to work because of an illness or injury. Group disability insurance, like that offered through your association, can offer key advantages designed for the unique traits of your group.

Why do I need disability insurance?

People often think disability insurance only covers serious injuries and illnesses. However, many common injuries and illnesses can result in you being unable to work. The fact is, over 25% of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before retirement.

What types of disabilities are covered?

While people generally think of disabilities being caused by accidents, many disabilities are caused by illness. Plans vary in the specific types of disabilities covered, however disability insurance typically covers a variety of illnesses, as well as serious accidents and injuries which prevent you from working.

How much disability insurance can I apply for?

There is a maximum amount of disability insurance you can apply for. You are usually limited to 75% of your monthly income across all disability insurance you may own.

How much does disability insurance cost?

The cost of disability insurance depends on the amount you apply for, how long it will last, the length of the waiting period, as well as your age, health, and occupational factors. Talk to our Financial Professional today

What is a waiting or elimination period?

A waiting or elimination period is the length of time you have to wait before the insurance company will pay benefits. The longer the waiting period, the less expensive the insurance.

How do I apply for disability insurance?

You can apply online or download a printable application that you complete and return by mail.

Do I need a medical exam to apply for disability insurance?

Not always. You may be requested to answer a few health questions by phone or have a medical exam. The exam is at the insurance company's expense and scheduled at your convenience.

Could my disability insurance application be denied?

Yes. Applications are reviewed for insurability based on age, health and other information you provide or give permission to obtain.

How much life insurance do I need? When considering life insurance, one of the first questions to ask yourself is: How m...
21/06/2021

How much life insurance do I need?

When considering life insurance, one of the first questions to ask yourself is: How much do I need? The answer is different for everyone, which is why getting the right human guidance from a qualified professional is so important. If you have a family or loved ones who depend on you financially, it’s important that you have life insurance protection. You can start by getting some general term life insurance quotes, but how much life insurance you need and what kind of policy you purchase should be determined by the details of your situation. There is a general suggestion—that the amount of life insurance coverage should be between six and 10 times your annual salary—but the actual amount can vary significantly depending on your unique situation. Here are some starting points to help you understand the term life insurance definition and the type of rates for term life insurance you’ll encounter as you get started.

Most people start with term life insurance.

What is term life insurance? This type of insurance is for a set period of time, often 10 or 20 years, and is relatively budget friendly compared to a permanent insurance in the same coverage amount. It’s also more common for younger, first-time policy owners. A financial professional will help you calculate your financial obligations to your family and how that relates to your resources and income. This will show you the range of coverage you need and the rates for term life insurance coverage. Many term policy owners match the length of their term coverage with a key life milestone—like paying off a mortgage or seeing their children through college.

The cost of life insurance should fit your budget.

Your term life insurance coverage can be designed to match your budget. If you’re young and healthy, your premium is generally lower. Some term products allow you to start off with an even lower premium if you opt for coverage rates that increase each year.

You can convert to permanent coverage when you are ready.

An alternative to term coverage is whole life insurance. Whole life is more expensive, but it is permanent coverage that lasts the rest of your life, as long as you pay the premiums. Whole life also accumulates cash value and is generally eligible to receive dividends. Like term, the rate of your whole life insurance premium depends on your age and physical health when you first purchase the policy. Most term policies include opportunities for you to convert to whole life coverage—and without another medical exam. Many of our clients convert some or all of their term coverage to whole life as their careers develop and their salaries increase. If you would prefer coverage for life, it may be worth locking in a lower premium for whole life protection at as young an age as possible.

Customize your life insurance policy to fit your needs.

Term life provides you with protection now and gives you options for changing your coverage as your life changes. To figure out the options and features that best fit your lifestyle, and to understand more about the rates for term life insurance coverage you need, connect with a financial professional at JDI's recommendation. Speaking with a professional will give you a better understanding of the details of term coverage and provide you with the peace of mind you get from knowing that you and your loved ones will be financially protected.

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