Voluntary Long-Term Disability Insurance

Transcription

1 Voluntary Long-Term Disability Insurance Highlands County, Florida Administered by: National Insurance Services 250 South Executive Drive, Suite 300 Brookfield, WI Underwritten by: Madison National Life Insurance Company, Inc.

2 Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire. 1 1 Social Security Administration, Fact Sheet Jan 31,

3 One in seven of us can expect to be disabled for more than five years. 2 2 Health Insurance Association of America, NY Times, Feb

4 True or False? Disabilities are mainly caused by an injury. 4

5 False! 90% of disability is the result of illness. 3 Top three causes of disability in US: Arthritis/Rheumatism Back or spine problems Heart trouble 3 JHA 2002 U.S. Group Disability Rate and Risk Management Survey 5

6 Illness causes less death, more disabilities. Cause Death Disability High Blood Pressure Down 73% Up 70% Heart Disease Down 28% Up 44% Cardiovascular Down 48% Up 36% Diabetes Down 32% Up 55% Information on the above table came from affordableinsuranceprotection.com/death_vs_disability. Statistical information derived from: the Society of Actuaries, the National Safety Council, the Million Dollar Round Table, the National Underwriter-May 2002, The JHA Disability Fact Book -2003/2004 Edition - Need For Disability Insurance 6

7 Insurance 1 in 47 chance you will use your Auto Insurance 4 1 in 88 chance you will use your Homeowner s Insurance 4 3 in 10 chance you will need Disability Insurance before you retire 5 4 According to the article Why Disability Insurance is Important Disabled-world.com, pulished by Carolyn Magura March 14, Last modified Sept 24, Social Security Administration, Fact Sheet Jan 31,

8 Your most important asset is not your possessions it s your ability to make a living. 8

9 What about Social Security, Worker s Comp and other insurance? Less than half of Social Security applicants are approved. 6 Average payment from Social Security is $1,004 per month. 6 Workers compensation pays ONLY if injury is caused on-the-job. 7 Medical insurance does not replace your income or make your house payment. Unemployment compensation is only for those who are ABLE to work. 6 Social Security Administration, Fact Sheet National Safety Council, Injury Facts 2008 Ed. 9

10 Why choose your employer s plan instead of an individual plan? NO MEDICAL QUESTIONS if you enroll the first 31 days of employment Convenient payroll deductions Group rates instead of individual rates 10

11 Highlands County Voluntary Disability Plan Covers any illness or injury, including maternity Covers 60% of your paycheck Benefits are free from income tax when premium payments are made from post-tax income Maximum monthly benefit of $7,000, minimum $100 Choice of elimination period (time before benefits begin) 14, 30, 60, 90 or 180 days Benefits paid until age 65 if disabled prior to age 61 11

12 Two great features of your plan Survivor Benefit If you receive disability benefits for 180 days or more and pass away, a Survivor Benefit will provide a family member or other designated person with either a lump-sum payment or a series of payments over a certain number of months. Waiver of Premium Payments The Waiver of Premium feature waives your Disability Insurance premium payment during a disability. This begins as soon as you start receiving benefits and continues while you are disabled. 12

13 In the past half hour, almost 1,500 Americans became disabled. 8 8 National Safety Council, Injury Facts, 2008 Ed. 13

14 Protect your paycheck. Enroll today! 14