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What is your most valuable asset? Your home or car or investment portfolio? Or is it your ability to earn an income to pay for all of those things?
Protect yourself against the significant loss that can occur if you become the victim of a long-term disability.
Calculate your disability insurance needs.
What to consider when choosing a disability policy:
- Character of the company--When selecting an insurer, look for a quality company with a good reputation and high ratings.
- Renewability clause--Select a policy that has a "non-cancelable and guaranteed renewable" clause. That means that as long as you pay the premiums, which will remain fixed, the policy cannot be canceled
- Elimination period--This is the length of time that you must be disabled before benefits will start. Your waiting period should be based on your employer's sick-leave policy and your own cash reserves.
- Benefit period--This is the length of time that the policy will continue to pay benefits
- Definition of disability--This is one of the most important aspects of a disability policy. Three of the most common definitions include: inability to engage in your "own occupation"; inability to perform any occupation; or home confinement. While cost is always important, it is more important to ensure that the policy is appropriate for your circumstances.
Need more information about disability insurance?
- The FAQs About Disability Income Insurance
- Understanding the Need for Disability Insurance (from Principal Financial Group)
- A Step by Step Guide to Disability Insurance--From Here to Security (comprehensive information about disability insurance from Principal Financial Group)
- A real-world example of how a disability could affect your life
Questions? Contact Mike Edwards, CFP of COPIC Financial Service Group at (720) 858-6289 or (800) 421-1834, ext. 6289. You may also click for a personalized quote.
“I have been working with Mike Edwards for the past four years. As a CPA and business advisor, it is my responsibility to assist physicians in managing their practices. I only refer my clients to advisors that are experienced and top quality in their field, such as Mike. I feel Mike is an individual of high integrity and would trust my own finances to him.” – Tina Hogeman, Hogeman & Company, P.C.