Disability Basics
What is the definition of disability insurance
a type of insurance that provides income to replace a portion of your salary if you are unable to work due to illness, injury, or another medical condition
How much should you expect to pay for a $75,000 annual salary
Expect to pay approximately $63 to $188 per month.
Workers' Compensation
Only covers injuries or illnesses that occur on the job. Most disabilities are caused by illnesses, not work-related accidents
Deductable
The amount the policyholder must pay out of pocket before the insurance company begins to cover the remaining costs
Weighing around eight pounds, this is the human body's largest organ.
The Skin
Who needs disability insurance?
someone with an illness or injury that prevents them from working
How does age affect rates?
Younger individuals typically have lower rates because they are less likely to become disabled.
Department of Veterans Affairs
Provides disability benefits for eligible veterans
Claim
A formal request made by the insurance policy holder to the insurance company for compensation or reimbursement for a covered loss or event
What is an eight-sided shape called?
Octagon
Availability
It can be offered by employers as a group plan or purchased as an individual plan.
Elimination Period
Choosing a longer waiting period before benefits begin can lower your premiums.
Individual Policies
Purchased privately, these policies offer more customization (e.g., "own occupation" definition, added riders), and the benefits are typically tax-free if paid with after-tax dollars.
Disability Insurance
a type of insurance that provides income to replace a portion of your salary if you are unable to work due to illness, injury, or another medical condition.
According to Guinness World Records, what's the best-selling book of all time?
The Bible
"Own Occupation"
Pays benefits if you cannot perform the duties of your specific job or specialty, even if you can work in another field. This is more comprehensive and costly.
How does your annual salary affect premiums?
This is a major factor because the benefit amount is a percentage of your income, so a higher income means higher premiums.
Short-term disability
an insurance that replaces a portion of your income if a non-work-related injury or illness prevents you from working for a limited time, typically up to six months
Premium
The amount of money paid by an individual or entity to an insurance company for coverage under an insurance policy
The fingerprints of which animal extremely resemble human fingerprints?
Koala
"Any Occupation"
Only pays benefits if you cannot perform any job for which you are reasonably suited by your education, training, or experience
How much should you expect to pay for a $150,000 annual salary
Expect to pay approximately $125 to $375 per month
Long-term disability
provides wage replacement for those unable to work due to a long-lasting injury or illness, typically replacing 60–70% of your income
Insurance
A financial arrangement in which a person or entity pays premiums to an insurance company in exchange for coverage or compensation for specified losses or damages.
Which is the only NFL team to go a whole season undefeated, including the Super Bowl?
Miami Dolphins