Customize Your Disability Income Insurance

Long Term Disability

Popular riders can provide extra protection.

Over the past two years, we’ve come to realize just how critical each paycheck is. You may be asking yourself how you would provide for your family if your paycheck suddenly stopped. Long Term Disability (LTD) insurance can help protect against income loss in the event of a disabling illness or injury.

Standard monthly LTD benefits provide a solid foundation in the event you can’t work, but did you know that there are opportunities to enhance your coverage?

When you purchase LTD insurance, you have the flexibility to tweak your policy to fit your needs with popular riders like the following:

Inflation protection. Inflation is a major concern, especially for those who are buying a policy now but may not make a claim for many years. Inflation erodes buying power, more so today than ever. A Cost of Living Adjustment (COLA) rider can help offset the effects of inflation by adjusting benefits each year. This can be vital to maintaining your standard of living during an extended disability.

Future increase option. Chances are your future income will increase, perhaps substantially if you are a young professional. This feature allows you to lock in rates when you’re young and healthy so you can increase coverage later, without having to undergo additional medical underwriting. While financial underwriting may be required, you won’t be penalized if your health deteriorates over time.

Partial disability protection. Designed to protect against partial income loss, this feature allows for a partial benefit payment if you suffer an injury or illness that limits your ability to work, but doesn’t cause total disability. You can receive a portion of your benefit if your disability allows you to perform some, but not all of the duties in your current role. This is particularly helpful for those whose earnings are based on billable hours (like attorneys) in the event a disability causes a decrease in hours or productivity.

Student Loan Repayment. Adding this rider provides extra coverage to continue making  your student loan payments in the event you become disabled. It is particularly useful for early-career professionals, such as doctors and lawyers, who have invested heavily in their education.

Disability is a risk for everyone, regardless of occupation. If you can’t work due to illness or injury, your income is also at risk. LTD insurance dramatically reduces the risk to your financial security. Customizing your policy with more coverage through disability riders can reduce the risk even further.

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