The New York Times
Wealth Matters – October 20, 2012
Weighing the Odds of Disability, for Insurance Purposes
By Paul Sullivan
Of all the types of insurance people are thinking about, disability insurance may be the last on the list.
Yet it does serve an important purpose in replacing a portion of your salary if you get hurt or become sick and are unable to work for several months or more.
According to the Social Security Administration, a 20-year-old in 2011 had a 30 percent chance of being disabled for at least six months before retirement.
Anyone who is working and paying into Social Security is eligible to apply for Social Security disability insurance, though the average benefit is only $1,188 a month.
Comments October 20, 2012
To qualify for Social Security disability insurance you must be completely unable to work in any occupation, not just your own occupation. This requirement eliminates 65 percent of applicants. Only 3 percent of approved applicants receive a monthly benefit over $2,000.
Coverage for Own-Occupation. Seriously consider purchasing an own-occupation disability insurance policy. With this type of policy the insurance company does not penalize you for going back to work in a different occupation while on claim. With this type of policy if you have a sickness or injury and cannot perform your occupation, you will be considered totally disabled, even if you choose another occupation.
Let us research the market and design a disability insurance policy to meet your needs and budget at:
Aaron Skloff, AIF, CFA, MBA
CEO – Skloff Financial Group
Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies. He can be contacted at www.skloff.com or 908-464-3060.