Michaels Brothers Insurance
Michaels Brothers Insurance

Disability Income Insurance

What makes the best disability income policy?  Disability income is one of the most important coverages a wage earner can have. You ask yourself what makes the best disability income policy. Well, the answer is the best disability income policy pays more benefits in a large majority of claims situations. Now what that means is you’ve got to look at the contract to make sure it will pay benefits in a majority of scenarios you may be facing in the future given your particular occupation. The first thing to consider is the definition of total disability. The best policy will define total disability as the inability to perform the material and substantial duties of your regular occupation due to sickness or injury. The best policy is the one that will consider you totally disabled even if you are at work in some other capacity, so long as you are not able to perform your normal occupational duties.

The next thing to consider is the renewal provisions in the policy. It’s important to have provisions that insure that once the policy is issued, your benefits can not be reduced, your rates can not be increased and restrictive riders cannot be added to the policy. Another feature that’s important is the residual income benefit. Residual income benefit is what the policy pays to you when you are not totally disabled but you’ve had a reduction in income due to sickness or injury. The policy will continue to respond and pay you a benefit until you’re earnings are similar to what they were prior to your disability. Finally, you must consider the insurance company's financial position and repretation for paying claims fairly. If the company does not have a repretation of treating claiments with fairness, you want to avoid them like the plague.

We also consult on the following casualty insurance policies:

  • Group Long Term Disability (LTD)
  • Retirement Protection Disability Income
  • Buy-Sell Disability Income
  • Business Reducing Term Disability Income
  • Overhead Disability Income
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