Income Protection

Disability Insurance

Income Protection

A disability income protection policy (DI) really should be an essential element in every working American’s financial plan. It provides financial support when an individual is unable to work due to illness or injury, helping to cover everyday expenses like mortgage payments and bills. It safeguards the policyholder’s income, allowing them to focus on recovery without the stress of financial instability.

Many people underestimate the likelihood of becoming disabled for an extended period, making this coverage a crucial safety net. In fact, 1 in 4 working Americans will experience a disabling injury or illness at some point during their working years. DI benefits can often be tailored to suit personal needs and budgets. By investing in this policy, individuals can maintain their quality of life and secure their financial future, even in challenging times. Ultimately, disability income protection offers peace of mind, knowing you have a plan in place should the unexpected occur.

Agents of S.H.I.E.L.D. Financial & Insurance Services work with a variety of disability insurance providers to help our clients with their varying needs. If you have questions about how you can protect yourself with a Disability Income insurance policy, feel free to fill out the contact form or call our office at 801.209.9598 for assistance.

Group and Individual Disability Income Insurance
Group DI policies offer employees a valuable safety net by providing income protection in the event of illness or injury, helping to alleviate financial stress during difficult times. This is generally the most cost-effective type of disability income insurance due to the shared risk among a larger pool of participants. Additionally, group policies often feature simplified underwriting processes and may not require medical exams, ensuring that more employees have access to this essential coverage. If you would like to see what it takes to qualify for a DI insurance policy, fill out the contact form or call an agent of S.H.I.E.L.D. Financial & Insurance Services at 801.209.9598.

Employer-Provided Disability Income Insurance
Employer-paid DI protection plans are usually the least expensive type of DI plans available. They can improve employee morale and retention while demonstrating a commitment to a workforce’s well-being. Since, in this case, the company is paying the premium, any disability benefit paid out to employees will generally be subject to taxation.

Remember that DI insurance is not meant to cover 100% of an employee’s income while they are collecting a benefit. It is designed to help them not stress during recovery so they can get back to work. To see how you can provide a great benefit at a lower price point, fill out the contact form or reach out to an agent of S.H.I.E.L.D. Financial & Insurance Services.

Voluntary Short-Term or Long-Term Disability Insurance
Voluntary short and long-term DI provides employees with the option to bolster their income protection, enabling them to maintain a portion of their earnings during periods of illness or injury.

This coverage can enhance an employee’s overall benefits package, fostering job satisfaction and loyalty to the employer. Additionally, voluntary plans often come with flexible options and pricing, allowing employees to choose coverage levels that best fit their unique financial needs and risk tolerance.

Short-Term DI plans generally cover issues lasting less than 24 months, while Long-Term Disability can cover an individual starting after 24 months for 5 or 10-year increments, or up to the age of their retirement. Structured properly, these plans can save benefit recipients thousands of dollars. For more information about this voluntary program your employees would love to have available to them, fill out the contact form or call to speak with an agent of S.H.I.E.L.D. Financial & Insurance Services at 801.209.9598.

Disability Business Loan Protection Insurance
Did you know you could protect your business loan payments from defaulting with a DI plan for your business? This type of A disability income policy ensures that the business owner or key employees can continue to meet loan obligations even if they become incapacitated due to illness or injury.

By providing a replacement income during the disability period, the policy helps maintain cash flow, allowing the business to cover operational expenses and loan repayments without interruption. This security can enhance the business’s financial stability and increase the confidence of lenders, potentially leading to more favorable loan terms. Additionally, it protects the owner’s personal assets by preventing the need to liquidate them to fulfill business obligations during tough times. Overall, integrating a DI policy into the loan protection strategy promotes long- term business sustainability. For more information on this underutilized financial protection tactic, fill out the contact form or call 801.209.9598 to speak with an agent of S.H.I.E.L.D. Financial & Insurance Services.

Disability Income Retirement Security Insurance
Disability income retirement security encompasses financial protection policies that help individuals maintain stable income and secure retirement savings during long-term disability. These DI plans provide income replacement and retirement plans that offer contributions even when one is unable to work. By combining these elements, individuals can protect their current finances while ensuring their future retirement goals remain attainable, thereby easing the financial risks of unexpected health challenges. If you are worried about an unforeseen disability keeping you from working and disrupting your ability to keep contributing to your retirement, fill out the contact form or call 801.209.9598 to discuss your options with an agent of S.H.I.E.L.D. Financial & Insurance Services.

Disability Buy-Out Insurance
Most partnerships in the business world will integrate life insurance as a means of ensuring a business’ continuity and viability if one of the partners passes away unexpectedly. But what if, instead of a death, a disability occurs?

A Disability Buy-Out policy ensures financial stability for business partners if one becomes disabled, providing funds to buy out their share and maintaining business integrity. It safeguards ownership within the intended partners, preventing complications with outside parties and enhancing overall peace of mind with a structured plan for unforeseen events. If you are in a business partnership and would like to secure the continuity of your business, request an appointment by filling out our contact form or reach out to an agent of S.H.I.E.L.D. Financial & Insurance Services by dialing 801.209.9598.

Key Person Disability Replacement Insurance
An employer can use a key-man DI protection policy to safeguard the company’s finances if an essential employee becomes disabled. This policy replaces lost income, helps cover expenses, and allows the business to hire or train a temporary replacement without having to take money out of the company coffers. This helps keep operations running smoothly, safeguards cashflow, and provides financial security for stakeholders and helps maintain the company’s value. If you have an employee you consider invaluable to your organization, fill out the contact form or call 801.209.9598 to talk with an agent of S.H.I.E.L.D. Financial & Insurance Services.

Disability Overhead Expense Insurance
An overhead expense disability income protection policy is a type of insurance designed to cover the fixed expenses of a business if the owner or key employee becomes disabled and cannot work. This policy helps pay for ongoing overhead costs, such as rent, utilities, salaries for employees, and other necessary operational expenses during the period of disability.

By ensuring that these costs are covered, the business can continue to operate and maintain financial stability while the affected individual recovers. If securing the continuity of your business in the event of a disabling injury or illness to either yourself or your most valuable employees, get more information by filling out our contact form or reach out to an agent of S.H.I.E.L.D. Financial & Insurance Services at 801.209.9598.

Applying for disability income protection (also known as disability insurance) typically involves a series of steps and requirements. Here’s a general overview of the application process:

  1. Understand Your Needs: Assess your financial situation and determine how much coverage you may Consider factors such as current income, monthly expenses, and any existing savings.
  2. Research Insurance Providers: Look for reputable insurers that offer disability income. Compare features, coverage options, premium costs, and customer reviews to identify the best fit for your needs.
  3. Determine Coverage Type: Decide on the type of policy you Disability income insurance can vary based on:
    • Definition of disability (own-occupation any occupation)
    • Benefits period (how long you’ll receive benefits)
    • Elimination period (the time you must be disabled before benefits start)

  4. Complete an Application: Fill out an application form that will ask for personal information, including:
    • Basic personal details (name, address, age)
    • Employment details (occupation, income)
    • Health history (previous injuries, chronic conditions, treatments)

  5. Medical Information: Be prepared to provide medical information, which may include:
    • A health questionnaire
    • Authorization for the insurer to obtain your medical records
    • Possibly a medical examination, depending on the insurer’s requirements and your age or health status

  6. Provide Documentation: You may be required to submit additional documents that could include:
    • Proof of income (pay stubs, tax returns)
    • Employment verification forms from your employer
    • Any other supporting documents as specified by the insurer

  7. Underwriting Process: The insurance company will review your application and assess your risk. This could involve analyzing your health information, financial situation, and occupational hazards.
  8. Review and Approval: You will receive a decision based on the underwriting process. If approved, the insurer will provide you with policy details, including coverage amount, premium rates, and terms of the policy.
  9. Policy Issuance: Once you review the policy and agree to the terms, you will receive the final policy. Ensure you understand all provisions, including exclusions and limitations.
  10. Make Your First Premium Payment: Pay your first premium to activate the policy.
  11. Ongoing Responsibilities: Keep your policy active by making timely premiums. Notify the insurer of any significant changes in your health or employment status.

It’s important to read and understand the specific terms of the policy, including any exclusions or limitations. If you have questions, fill out our contact form or call 801.209.9598 to speak with an agent of S.H.I.E.L.D. Financial & Insurance Services. We can tailor your policy to meet your specific needs and situation.

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