Business Owners and Disability Insurance

Think of disability insurance as a protection to continue your income should you become disabled.  This can be from a physical injury, a car accident, a unexpected health issue or one of many other causes.

The mistake people make is that they look only at the price of the policy, and neglect the provisions of the contract, believing that all of them are the same. They are not. Every disability policy has different provisions and definitions. While one might consider you to be disabled if you can’t do your own occupation, another might consider you to be disabled if you can’t do any occupation. There will be a difference in price between these policies, but also a difference in benefits should you ever need to use them.

Don’t only look at the price, but consider the provisions of when and how you get paid. You’ll need an experienced agent to do this.

There isn’t a long term disability policy out there that will cover pre-existing conditions. Basically, it’s something that was a medical concern before you applied. Insurance companies don’t insure for these, and they exclude them from coverage. If you’ve had a back problem, and have regularly seen a chiropractor to alleviate the discomfort, you should expect some form of a back exclusion. The disability insurance policy won’t pay for anything related to your back pain because it will be excluded from coverage.

The mistake people make is that they won’t accept the policy with this exclusion on it. Even though they didn’t initially want coverage because of their back, and they don’t ever think that they will be disabled because of their back condition, they don’t want a policy that isn’t 100% perfect. What they should do is accept the policy and work with their agent over time to ensure that they still have the best possible offer.

Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty three percent of large companies provide group long term disability insurance.

We think this a must have for every business owner.  It is there to protect you and your family from a common occurrence.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Brought to you by:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com