Private (Individual) Disability Policies

If you are a professional in your own practice or a business owner, you do or should invest in a private (individual) disability policy to protect yourself and your family in the event you ever experience a disability that prevents you from working in your chosen field.  However, not all private (individual) disability policies are created equal.  Much depends upon the type of policy you purchase and the insurance carrier you purchase it from.

Too many of our clients either do not fully understand their disability coverage, do not read it thoroughly enough, or do not review it periodically for changes in eligibility or limitations.  As a result, when they become disabled, they are surprised at the coverage they don’t really have.  It happens time and time again.

Here are some things to consider:

  1. Ask yourself whether you need private (individual) disability insurance.
  2. If you already have private (individual) disability insurance, make sure to read it carefully (especially the fine print).
  3. When purchasing private (individual) disability insurance, make sure you have the right coverage as well as the right amount of coverage.
  4. Always plan ahead; keep your changing personal and professional needs in mind.
  5. Consider purchasing a Premium Waiver Benefit on your Life Insurance Policy. This means that your Life Insurance Policy will continue to cover you at no charge during your disability.
  6. Consider purchasing a Business Overhead Policy.  A Business Overhead Policy will cover your business expenses such as rent/mortgage, salaries, equipment, etc., during the time of your disability.
  7. Review your policy (or policies) regularly.

The attorneys at DeHaan Busse LLP focus on private (individual) disability policies, and are available to you for a consultation.

Click for a free case evaluation.   Phone: 631-528-1200

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  • FERS Question of the Week

    QUESTION: If I retire on FERS disability, am I eligible for the FERS Special Retirement Supplement?

    ANSWER: No, you are not. If you take a FERS disability retirement or are under the MRA (Minimum Retirement Age) plus 10 retirement provision, you cannot receive the Special Retirement Supplement.

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