Individual Disability Insurance in Cedar Rapids, Iowa City, Dubuque, Des Moines, Davenport and across the United States

How long could you sustain your lifestyle if your paycheck stopped?  For most Americans it is 90 days or less. So why have we not insured our paycheck?  Most Americans insure their homes, cars, and lives (life insurance) but forget to insure the one important thing that makes all of this possible…their ability to earn an income, their paychecks.  Disability insurance or often referred to as Income Protection or even as Paycheck Insurance helps Americans provide for their loved ones in the event they can no longer work due to a disability. 

Odds of Disability 

• Nearly 50% of all individuals 35 or younger will be disabled for 90 days or longer prior to age 65 
• Approximately 30% of all people age 35 – 65 will suffer a disability for at least 90 days and about 1 in 7 can expect to become disabled for 5 years or more 
• Disability is the leading cause of personal bankruptcy and foreclosure
• 48% percent of small businesses fail because of a disability to the owner or key employee 

Don’t make the most critical and crucial mistake in personal financial planning!  Your most valuable asset is your ability to earn an income.  Are you protecting it? 

Contact Brokerage Solutions, Inc.  We offer quality, coordinated coverage that we can tailor to anyone’s specific needs. 

Call us at (319) 393-9410 for more information, or just request your free policy quote now! 

What is personal disability insurance? 

Disability insurance provides income support when someone sustains an illness or injury and they are no longer able to work and earn an income.  An individual disability policy pays a percentage of your salary, if you become disabled. Disability insurance policies are customized to meet your needs: 

• The amount of coverage (The percentage of your income that the policy will pay) 
• The elimination (waiting) period (How soon benefits will start)
• The length of coverage (How long benefits will continue) 

An Individual disability policy is particularly important if your employer does not offer a group disability product. Even if your employer does offer coverage, it is wise to secure an individual disability plan to supplement any group coverage that you have with your employer. Employer-provided group disability plans are limited and they usually don’t travel with you in the event you change jobs. 

There are two primary types of individual disability insurance: 

Short Term Disability Insurance 

These plans pay for replacement income during a short period of time.  The benefit period would typically be from 11 weeks to 26 weeks.  With an elimination period (which are waiting periods before a disabled person can start to claim benefits) typically from 1 day to 14 days.   Usually, they will pay for approximately 60% of your base income, subject to limits. 

Long Term Disability Insurance 

A long term disability plan will cover you for a longer period of time.  This time period can vary, but typical durations are 2 years, 5 years, 10 years, and to age 67.  With an elimination period (which are waiting periods before a disabled person can start to claim benefits) of 90 days or 180 days.  These plans will pay a percentage of your base income, often 60% – 70%.   

How much does individual disability insurance cost? 

Disability insurance plans will vary in cost.  Factors include age, sex, occupation, annual income, and tobacco user.  In general, you may pay 1% to 3% of your annual gross income for an individual disability policy.  However, at Brokerage Solutions Inc. we are committed to helping you design the plan that is best for you and your budget.  We can also ensure that you don’t sacrifice great benefits just to save money.