Our Blog

New England Disability and Life | Blog

What is Your Most Valuable Asset?

Dean A. Schachter

0 of 0 votes

No, it’s not your house or your children, even though you love them and value them.

The answer is YOUR ABILITY TO EARN AN INCOME.

Think about it! Multiply the number of working years you expect to have times your current income.

Example, Nancy is a 30 year old who will probably work 40 more years. If her current income is $50,000 the value of her total income stream is $2,000,000. And that’s NOT factoring in raises, both merit and COLA, OR promotional raises. So we can conservatively estimate her income stream at $2.5 to $3 Million.

For most people that number is higher than the value of their house.

So why do people insure their homes to full value (even those without a mortgage) but not their income? Does life insurance solve the problem? Well, partially. Most people max out their life insurance at $1 million. Yes, that will protect the family from losing their home and give them income to live on but it’s not enough.

So how do we insure that Most Valuable Asset? With a Disability policy!

Ask us for an affordable quote.

Comments
What are the major Types of Disabilities?

Dean A. Schachter

0 of 0 votes

Industry statistics show the following as the leading types of disabilities:

Musculoskeletal 27.5%

Cancer 14.6%

Accidents 10.3%

Mental & Nervous 9.1%

Cardiovascular 9.1%

Maternity Related 5.1%

Neurological 6.9%

Having one of these maladies doesn;t mean you can't get a disability policy. We can help!

Comments
What are the age and income limits for purchasing a Disability Policy?

Dean A. Schachter

0 of 0 votes

Generally the youngest age is 18 and varies by company.

The oldest age is usually 60 but a few companies go to age 65 or beyond.

The minimum income needed to purchase a disability policy is about $15,000 and also varies by company.

Comments
Disability Insurance for New (Young) Professionals

Dean A. Schachter

0 of 0 votes

The disability insurance companies know that their policies appeal to certain occupations and encourage them to do so. One way is to offer them a policy when they start their careers, even if they have little or no income.

The starting monthly benefits range from $2,000 to $7,500 per month.

The occupations include:

Doctors

Dentists

Engineers

CPA

CRNA

Nurse Practitioner

Optometrist

Pharmacist

Physician Assistant

Psychology PhD

Podiatrist

Veterinarian

Comments
Have a Home Office? What are the Work at Home Rules for Disability Insurance?

Dean A. Schachter

0 of 0 votes

If you work at home and have a Home Office, the rules regarding the purchase of disability insurance vary by company. This is because in many cases the lines are blurred between where your home is and where your office is, unless you have a separate entrance to the office.

Each company can do any combination of the following and the underwriting guide should be checked carefully:

Reducing your income by 75% when calculating maximum benefits if you work ay home 75% or more

Limiting benefit period and elimination period

Eliminating Own Occupation

Eliminating Residual (Partial) disability

Comments