The Disability Insurance Infield Double

Baseball is a great sport, but some feats are very challenging.  Getting an infield double is possible with luck and skill.  Fortunately getting a double in the disability market is a given.  For those who may file a disability claim in the future,  understand that you can legally purchase and maintain more than one disability policy. Your typical disability policy should provide you with approximately 60% of your monthly net income. This is based on your salary today. Do you have enough?

Some disability companies offer very high amounts of disability months income at the cost of very high rates. They include Peterson International and Lloyds of London among others. Your standard Disability Company will limit you to 15-20 thousand dollars a month in benefits as long as your pre-disability income warrants that rate.

There is nothing wrong with adding another policy to your insurance plan. Understand that most companies put a limit on the total you can receive from multiple disability companies at 25-35 thousand. This prevents one from buying 20 policies and cashing in with huge payments. Primarily it discourages fraud and protects the Disability Company.

The Great West Insurance Company is endorsed by the ADA. They makes the statement on their application that you understand the maximum monthly coverage available through them is $15,000 and that the total monthly coverage from all carriers cannot exceed 60% of the first $20,000 net monthly earned income, plus 40% of any excess net monthly earned income, up to a maximum of $25,000.

What does this mean to you now?  If you are not disabled yet or are concerned that you will be disabled in the future for any reason, strongly consider having two policies to maximize your benefits. The advantages to having 2 policies includes not only higher monthly payments. They include a potentially reduced risk in the denial and claim appeal process should there be any controversy in your claim. Of course you will have to pay more in monthly premiums,  but the additional policy does give you added safety.  Especially considering that a high number of claims are made by dentists for psychiatric reason secondary to stress and orthopedic injuries (back,neck,hand-arthritis). Of note is the increasing levels of claims related to injury from fitness regimens and sports.  All these injuries/illness are open to challenge by your disability carrier. Having a back up policy is a good plan from our standpoint.

Consider having a primary premium policy with all the options/riders. Supplement that policy with a simple low cost plan as your back up. It’s like having a life jacket when you go boating. When you need one, you really need one.

We will continue to provide you with updates on the Disability industry and keep you informed on changes.




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