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Disability Insurance

A form of insurance that insures the beneficiary's income against a potential disability that will make an employee incapable working

905 Questions

Is walmart employee short and long term disability insurance any good?

No Wal -mart and the Hartford just want your money. they say one thing and do another. It will not take care of you if you become disabled.

Are long term disability payments paid by companies insurance policy taxable by state and state governments?

If the Long-Term Disability benefits you receive are from a company sponsored program, the taxation is dependent on whether your employer pays the premiums. Assuming that your employer pays for and provides the insurance to you, then the benefits you receive are taxable as ordinary income.

Do you have to have an Adjuster license for Non-subscription in Texas?

Yes, the only difference is the compensation system if you are a license holder who offer non-subscription products.

What is considered preconception for short term disability insurance?

Short term disability commonly covers normal labor and delivery, provided the coverage begins preconception. In other words, the coverage must start before getting pregnant not after. Pregnancy is considered a pre-existing condition.

The specific language varies by insurance carrier, and by state. Some policies will exclude normal delivery when conception occurs prior to the policy effective date. Others will exclude normal delivery when it occurs 9 or 10 months after the policy effective date. Check your policy for details.

What is short term health insurance?

Short term health insurance is for individuals that are between jobs and need coverage for only a short period of time. This is an awesome idea. The problem so many have is the inability to plan ahead. If you get a chronic condition while uninsured you may never get coverage for that condition. You can get very inexpensive short term coverage.

Can you work while drawing a disability check?

Probably not, because you are receiving the disability benefit BECAUSE you cannot work. If your state has different rules it's best to confer with them as to exceptions.

Who sends the checks for short term disability the government or employer in Wisconsin?

Wisconsin does not have state mandated short term disability insurance. Benefit checks are sent by the insurance carrier that issued the policy - not your employer.

Why should you purchase disability insurance?

Disability insurance protects a person's most valuable financial asset, the ability to work and earn an income. Most of what people do and purchase throughout their lives will depend on their income and the expectation of their income continuing.

People buy Disability insurance, because it insures that if you are not able to work due to an injury or illness, you will still have an income source. It protects you, your family and your future from suffering a financial disaster if an unexpected illness or injury occurs.

Think of it this way... If you earn an average of $100,000 per year and work for 40 years - Your income potential is $4,000,000. If someone gave you a machine that was designed to print out $4,000,000 over a 40-year period, would you insure it?
We insure our cars and our homes which are worth much less than this. Shouldn't we insure our income, and ability to earn one?

Disability insurance for hip replacement?

Yes, Disability insurance would cover hip replacement, as long as it is not excluded in your individual policy, or accounted as a pre-existing condition during your first year of being on a group policy.

The question really is how long you will be unable to work for during and after the hip replacement. Most Long-Term Disability policies will only begin paying benefits after a 90-day elimination period. IF you are unable to work for 5 months, this will end up providing you with benefits for the last 2 months of your claim. Short-Term Disability insurance normally begins paying benefits after 7 or 14 days and will continue to pay for 3 or 6 months. Short Term disability may be more helpful for someone in this situation, depending on the amount of time spent away from work.

What is the policy for changings jobs and having a pre existing condition?

This depends on whether or not your new employer will be providing you with coverage. If the new employer will provide you with group coverage, then you will have an exclusion for 1 full year from the effective date of the new coverage. During this first year, you will have limited coverage for the pre-existing condition. After 1 year, the pre-existing condition will be covered at 100%.

If your new employer is not providing you with a group plan than you will need to obtain individual coverage. Individual Disability coverage is fully underwritten and will likely exclude any pre-existing conditions. If the condition is severe enough, you may even be declined coverage.

Does disability follow you from state to state?

Individual Disability insurance will follow you to various states, as long as you remain in the United States. It will also continue to follow you even if you change employers.

Group coverage will also follow you across states, but will not continue if you change employers.

Can you work any while collecting long term disability?

This will depend on the type of Disability contract you have, and also the exact situation.

If you are partially disabled, meaning that you can still work a few days a week or a few hours a day, but have suffered a loss of income because of the disabling illness or injury, then the answer is yes. You are able to work, and will normally be required to work partially. During this time frame, you will receive (assuming your policy has this) Residual Disability benefits, which is essentially partial benefits.

If you are totally disabled and unable to do your regular form of work, then the only way you are able to work is if you have a "Pure Own-Occupation" Disability policy and the work you are doing is considered a different occupation. Most Disability contracts are what is called "Modified Own-Occupation" Disability policies, which will protect your specific job, but will not pay full benefits if you are gainfully employed elsewhere.

How long can a person continue to draw state disability insurance?

This depends on the states articles of disability benefits distribution. Since the exact state given wasn't inquired it varies from state to state.

Factors of consideration are:

  • Bases of disability is permanent or semi-permanent
  • Issue of Disability status as to benefits they may set a limited time frame or a permanent basis.
  • If the state requires renewal of benefits as enacted as a census of budgetary funds so reapplications is a standard feature.
  • State budgetary restrictions as some states do require limited time restrictions with re-application as benefits amounts may change per assessment of regions cost of living adjustment and budget restrictions.
  • Qualified candidate on temporary status as may qualify for more permanent federal disability aid filings.
  • Rehabilitation ability if a disability can incur rehabilitation enabling independent social and economic stability. Therefore reducing or elimination disability.
  • States assessment per disability standards of living incur reduction or elimination of providing the requirement of disability assistance. This is rare where within any state that all public and private sectors operate in such a way that the disabled are enabled equal access in regards to disability where no specialized cost/expense is required of the individua

Note one must inquire with agencies govern ones states as laws and policy restrictions do apply per issuance established per set guidelines per equality, qualifications and preventative measures against fraud.

Pediatrician disability insurance cost per year?

Pediatricians are normally ranked with very high good Occupation classes which helps in terms of maintaining low cost for Disability insurance. However, there are too many variables involved to provide an exact figure. You can assume the following generalizations: Each example includes residual, COLA, and Guaranteed Increase riders. Benefits are payable to age 65.

- A 30-year old male Pediatrician would pay around $2,500 annually for a $7,500 monthly benefit and a 30-year old female would pay nearly $4,000.

- A 40-year old male Pediatrician would pay around $3,700 annually for a $7,500 monthly benefit and a 40-year old female would pay $5,500.

- A 50-year old male Pediatrician would pay around $5,500 annually for a $7,500 monthly benefit and a 50-year old female would pay $7,000.

**$7,500 of monthly benefit is an approximation of eligibility for someone earning between $150,000-$160,000 annually.

As noted, Disability insurance is more expensive for women than for men. However there are considerable discount opportunities available for multi-life setups. This means that if 2 or more (some companies require 3+) workers in the same company, practice or organization apply for coverage together, women will be eligible for discounts of near 45%. This will not impact the quality or structure of coverage available, and each policy will still remain individually owned.

Are there limits or regulations on benefits under a Disability Income Rider?

Although this question is not very specific or addressing a specific Disability insurance rider, the answer is Yes. There are certainly limitations/regulations on benefits under the various Disability insurance riders available.

Every insurance company will have their own personal version of each of the normal policy riders available. You should reference either sample policies, or proposals from the various insurance companies in order to get a better understanding of the differences. Personal proposals/illustrations will often give details relating to the limitations/regulations associated with each rider.

A perfect example is the Residual Disability rider. The main idea behind this rider is that it provides benefits for partial disability claims. However, some companies will pay proportionate benefits, some will pay enough benefit to bring you to 100% of prior income, some will include recovery benefits and others will not.

It is helpful to work with a Disability insurance specialist for this exact reason. Disability insurance can be very comprehensive and detailed, making it difficult for the average person to distinguish or compare.

How do you find out about the New Homeowner Mortgage Life and Disdability Insurance?

Marketing Life insurance and Disability insurance as Mortgage insurance is something that some companies will do simply to attract new home buyers.

If you are looking to protect yourself and your loved ones in the case of an unexpected illness, accident or death than you should be looking at multiple options relating to Term Life insurance and Disability insurance. These are two separate products that do two different things and should therefore be purchase in two separate policies.

There are a lot of insurance companies that offer these products. You should speak with representatives from those companies, or brokers who have access to the various companies in order to get more information. An insurance broker will be able to provide you with prices and products from various companies, and will make your search easier since you will not have to contact each company separately.

The web has some excellent sites that can provide you with tons of information as well. Look around and try to find someone who truly has your best interest in mind. When looking at Disability insurance, be sure to work with a Disability specialist. It is a very detailed type of coverage, and should be fully discussed and understood prior to you buying.

When you are awarded Social Security Disability why do you have to repay a portion of your benefit to the insurance carrier when you paid LTD benefits through your employer with after tax dollars?

There are two circumstances in which you would have to repay benefits once you qualify for Social Security disability benefits:

The first is if you own an individual Disability policy that includes a Social Insurance offset benefit. Social Insurance benefits are benefits that the insurance company pays on a disability claim, but will offset dollar-for-dollar with social security benefits.

The second is if someone receiving benefits from a group Disability policy is eligible for social security benefits. Every group policy will have a provision in the contract that explains how benefits will be handled when a claimant is eligible for social security benefits. As much as group policies are great because they are less expensive and usually can be obtained without medical underwriting, the contract itself is not as good. In a sense, you get what you pay for. Most group disability policies will offset dollar-for-dollar with any social security benefits received, including personal and family benefits. In many situations the amount you will receive from the actual disability insurance company will be minimal.

More specific to the question being asked - it can take a long time for social security benefits to be approved and paid. Therefore, many times the insurance companies will pay out benefits during months in which a claimant was technically eligible for social security benefits. Once the social security benefits are approved and paid, the claimant will be expected to repay the insurance company for all benefits paid that would otherwise have been offset. A claimant will not be expected to repay benefits for months in which they were not eligible for social security disability benefits.

Can a housewife receive disability?

if the housewife is disabled and unable to work

What are the different types of personal insurances?

The 4 major types of personal insurance are:

Life Insurance - Life insurance is a type of coverage that will pay a benefit to a designated beneficiary(ies) upon the death of the insured person.

Disability Insurance - Disability insurance will pay a monthly benefit which is intended to replace a percentage of a person's income, if he/she becomes unable to work due to an injury or sickness.

Long-Term Care Insurance - Long-Term Care insurance is intended to provide daily or monthly benefits to assist in paying for care needed when a person becomes unable to perform 2 or more of the normal Activities of Daily living (ADLs) - eating, dressing, bathing, toileting, transferring and continence.

super powers- once you get bitten by something with radioactive powers you need to have insurance with all your fighting and stunts you do. I am a super hero who can kill people with a gun so i consider my self as a super hero. And once when i was flying above new york the police pulled me over. And i had no insurance. So i was fined.

What percentage do you reimburse your insurance company when you are approved for Social Security Disability?

This will depend on the type of coverage that you have, and more specifically the provisions of your coverage.

  • If you have group coverage, then the chances are very high that your benefits will offset dollar-for-dollar (100%) with any social security benefits you receive, including family social security benefits as well.
  • If you are a Federal government employee, then your benefits will be affected as stated in the FERS program. The FERS program states that 100% of Social security benefits will be offset in the first 12 months of a claim, but only 60% of SS security benefits will offset for each month thereafter.
  • If you have an individually owned policy then you will have to review the provisions of your contract. Insurance companies offer a rider known as Social insurance benefits or Supplemental disability benefits. This is essentially a monthly benefit that will be paid when you are eligible for an insurance claim but not eligible for Social security benefits. If you are eligible for SS benefits, then the benefits from this rider will offset dollar-for-dollar (100%) with any SS benefits you receive. The basic or base disability benefit that your contract provides will not offset at all with social security benefits.

How do you reduce car insurance premiums?

pay your premiums on time, drive safely and as you get older they go down too. You could also take driver's ed and have good grades or other applicable discounts.