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Disability Insurance

If you get hurt and are unable to work for an extended period of time due to an accident or illness, Knights Of Columbus has a long term, or short term disability plans can cover a portion or all of the lost income, enabling an injured employee to meet expenses. Knights Of Columbus offers flexible and affordable plans, to meet your needs

Facts about Disability Insurance

As of 2013, the US Social Security Administration found that a little over 1 in 4, 20-year-olds will become disabled before they retire. This means that there is a good chance that one of your employees will be in need of disability insurance, regardless of their occupation.

Disability Insurance Coverage Options

Employee absences can become quite costly for any employer. Disability insurance may replace a portion of lost wages and is ultimately, an effective asset management strategy. We work closely with you o help them determine the most cost effective methods for income protection in the event of illness or injury.

What is Disability Income Insurance?

Disability income insurance is a type of insurance policy that provides financial benefits in the event of a debilitating injury or illness that prevents you from working. The policy covers short-term disability benefits, long-term disability benefits. Disability income insurance encompasses debilitation's that happen both on the job and off the job. Unlike the disability coverage of Social Security, disability income insurance covers approximately 70% of the policyholder's salary to assist in providing for themselves and their family should the ability to work become inhibited.

Who Needs Disability Income Insurance?

While no one likes to think they will suffer from a situation that leaves them unable to work, it is more common than other emergencies commonly covered by insurance and should be utilized by every family. While you face a 1 in 100 risk of losing your home to a fire, you face a 1 in 4 risk of suffering from a disability that inhibits your work. Disability income insurance may be provided by your employer, but the coverage is nowhere near as comprehensive or efficient as a private disability income insurance policy.

What Disability Income Insurance Options Do I Have?

A disability income insurance policy with Scott Marcum provides you with a variety of benefit periods and coverage options:

Benefit Period:

The maximum benefit period is the longest amount of time for which monthly disability benefits are payable for any single period of a disability. Once the disability concludes, the benefits reset.

2-Year - A 2-year benefit policy protects your income with 2 years of disability income payments.

5-Year - With a 5-year benefit period, your income is protected with 5 years of disability income payments.

To Age 67 - A benefit period to age 67 encompasses all of your working years and protects your income with disability income payments until you reach retirement age.

Monthly Benefit:

A disability income insurance policy from Scott Marcum allows you the customization option to establish the monthly benefit amount provided by your policy, based on your income and subject to certain limits.

Elimination Period:

All disability income insurance policies come with an elimination period that you may select, which serves as your out-of-pocket cost or deductible. Select from a 30-day, 90-day, or 180-day period. Once your chosen elimination period passes, your benefits will begin to be paid.