In today’s world it is smart advise to protect our assets. We protect our assets by purchasing insurance. We buy homeowners insurance to protect our homes in the event of fire, or some other form of peril. We purchase auto insurance to protect our cars in the event of theft, or collision. We buy life insurance to protect our loved ones in the event of premature death. We even purchase health insurance in the event we get sick or injured.
However, the one asset that most of us do not protect is our most valuable asset. OUR INCOME. Without our income, most of the other assets we so wisely protect would not be possible to keep. Protecting our self and our loved ones by purchasing disability insurance is easy, and very affordable compared to the other forms of insurance we purchase. Protect yourself and family first by providing coverage to protect your most valuable asset. YOUR INCOME. Use our service to find the lowest rates, and best disability income policies. The service is free, confidential and very quick.
What is disability insurance?
Disability insurance provides money to replace your income in case you face a disability that puts you out of work for a significant period of time. That time can be a few weeks or even years.
Why do I need disability insurance?
Many insurance experts consider disability insurance just as important as life insurance, especially if you are a breadwinner for loved ones. You are much more likely to become disabled than to die young. If you become disabled, you will need money for your regular expenses like food, rent and car payment as well as the hidden extras that come from being sick, such as medical equipment rental and maid service. These hidden extras are not covered by medical insurance.I thought Social Security pays out for a disability.
Under the rules of Social Security, you have to be totally and permanently disabled for at least a year. This shuts out payments to people who can work part-time, who will eventually recover, etc.Does disability insurance pay for doctor’s bills and physical rehabilitation?
Those expenses are usually covered by medical or health insurance. Disability insurance is designed to replace your income when you become disabled.How much will I get every month if I have disability insurance?
The amounts you receive if you become disabled depend on your policy. The more expensive the policy, the more you will receive if you become disabled. Look for a policy that will replace at least 60% of your income.What else should I look for when I buy disability insurance?
You want to understand key terms of the policy.
A waiting period can mean that you have to wait for a certain time before you get your benefits.
Payment period options can mean that your insurance will only pay for a certain number of years. The best policies will keep paying until you retire and can collect Social Security benefits.
A Social Security rider can mean that if you become totally and personally disabled, you may be able to collect both your disability insurance benefits AND your Social Security disability benefits.
The renew ability of your policy is important. You can automatically renew some policies. However, under the terms of some policies, the insurance company has the right to cancel them. Some people want to be able to buy more insurance as their incomes go up.
A waiver of premium provision can mean that if you become disabled, you no longer have to keep paying for the insurance.
What if I can work part-time? Or what if I can still work at something, but I am too disabled to work at my old job?
Again, you will have to read through your disability insurance policy to see if you can collect benefits (1) if you work part-time or (2) if you can work at a job that pays less than you were making before you became disabled.
Examples of Final Expenses
Burial and funeral expenses
Outstanding personal debt
Unpaid medical bills
Senior Life Insurance coverage and premiums
Typically, final expense insurance in Florida is offered at a minimum of $2000 and maximum of $50,000 face amount. You have the option to buy as little or as many units you want, depending on the amount of coverage you need. Additionally you have the option of purchasing a policy with more than one company.
Like many other life insurance premiums, the cost of premiums for final expenses life insurance increases if you purchase at an older age. Some companies might issue senior life insurance only up to age eighty. After that age, it might become more difficult to obtain coverage. Also, note that some final expense plans offer coverage at a very young age, even as low as 18 years old.
In addition to paying a policy fee, a female who purchases a final expenses life insurance plan at age 20 could pay about $10.42 each year for a $1,000 policy. An 80-year-old woman could end up paying $126.51 for the same coverage. A 20-year-old man could pay $11.79 each year for the same $1,000 policy for which an 80-year-old man would pay $167.77.
Life Insurance Companies That Specialize in Final Expense Life Insurance in Florida
There are more than 75 life insurance companies that provide final expense life insurance in Florida, but there are only a handful that really specialize in it. These companies inlude The Foresters, Assurity Life, Oxford Life, Equitable Life, Colorado Bankers, Forethought Life and Liberty Bankers.
If you would like more information on senior life insurance and final expenses life insurance in Florida, please call us at (888)-564-2326 and speak to one of our Senior Life Advisers. We look forward to helping you find a life insurance plan that works best for you, your family or your employees.
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Nisona serves the insurance needs of the Treasure and Space Coast.