West Virginia Disability Insurance for Professionals

If you are a professional or work in a specialized field, an individual disability income insurance policy is arguable the most important piece of your financial plan.  What would happen if you could not work and earn an income due to a disabling illness or injury?

We work with the most respected disability insurance carriers in the country and have the experience to help you design the right plan for your needs.  Some of our carriers for both group and individual disability policies include:
Disability Insurance

Find the Best Value by Comparing Multiple Disability Insurance Quotes from Top Companies

Request a quote and receive objective, side-by-side comparisons of the best disability insurance companies based on your specific situation.  Our goal is to help make the disability insurance buying process to ensure you are getting the highest value and best policy.

Our firm works with many professionals in all fields; physicians, medical professionals, dentists, attorneys and legal practices, engineers,  self-employed, and business owners.  You have spent a tremendous amount of time and very considerable amounts of money to become experts in their fields.  These highly educated, specialized professionals are typically high income earners in West Virginia.  It makes sense for them to protect their most valuable asset – their earning potential and income in the event that they become sick or hurt. Think that a disability can’t happen to you?  Check out http://www.whatsmypdq.org/ for more information on disability and your chances of suffering one.

IMPORTANT DISABILITY OPTIONS TO KNOW

When you’re comparing disability insurance options, it’s important to look at these areas to ensure you have the best coverage for your unique situation:

• Non-Cancelable and Guaranteed Renewable Policy. Most reputable insurers offer policies that cannot be canceled if your health changes, and are automatically renewed as long as you continue to pay for your coverage. But obviously, you should always check for this language because it is crucial to a quality disability insurance plan.

• Elimination Periods and Waiting Periods. This is the amount of time you have to wait for your first disability check and the maximum length that benefits are paid out.  Like choosing a larger deductible on your auto insurance, a longer waiting period can help you  to save on premiums over time.

• Future Purchase or Increease Options. For a small charge, you can get a policy with a future purchase option allows you to add to your coverage as you wages increase — without taking another physical or rewriting the whole policy. This flexible option is useful to those who expect their income to increase or to those who may change jobs.

• Business Overhead Expense Coverage. If you own your own business or incur significant business expenses that don’t come out of your regular paycheck, you may want to insure against overhead charges as well as lost income. Without this kind of policy you may see your paycheck protected but lose your business as office with rent, utilities, and other expenses pile up. Typically, anything that is tax deductible under business expenses will be covered by overhead insurance.

• Cost of Living Adjustments. If you go out on claim for many years, it may become hard to keep up with your bills if your disability payment is fixed, but your living expenses keep going up. Check your long-term disability plan to see if payments will keep up with inflation in the event of a claim.

• Retirement Protection. You may be protecting your income, but what about your retirement plan?  Some individual disability insurance carriers will allow you to protect your retirement contributions in addition to income.

Own Occupation Coverage

This feature is mentioned above, but bears repeating and more detail.  A high quality, personally owned disability income insurance policy can provide a tax-free monthly income in the event that a person cannot perform the “substantial and material duties of their OWN OCCUPATION due to sickness, injury, or an unforseen accident.

An own occupation clause is something that a physician or medical professional needs to seriously consider in his/her disability contract because this protects their medical specialization, and will pay them a monthly benefit, even if they can work in another capacity that is general in nature.

Let’s say you are a general surgeon by specialization, but you develop nerve damage in one hand such as what happened to one of the actors on the popular network TV show “Grey’s Anatomy”.  However, you can still practice in a general capacity at reduced income.  This would result in a major reduction in income, and while rewarding, it may not provide enough money for the lifestyle you have grown accustomed to.

If you purchase an “own occupation” disability policy from a carrier such as The Guardian, Met Life, Mass Mutual Financial Group, The Standard, or Ameritas, a specialized professional on disability claim could collect a percentage of their salary, tax free, and still work in another capacity.  In this situation, the insured could be paid for their new job, and receive the disability payments, tax free, for their specialization.  This is called own occupation coverage, and needs to be considered due to the money, time, and debt that the typical professional incurs.

Disability Insurance for Business Owners

As a business owner, you understand the value of the practice you have worked very hard to build and grow over the years.

Business Owners have unique needs when it comes to disability insurance such as:

  • The need to protect personal income
  • Business Overhead and Expense
  • Disability Buy-Out when partners are involved

We work in all of these aread and offer plans to protect your personal income, your business income and overhead, and even the added expenses of running an office if you become sick or too hurt to continue operating your firm.  Whether you need a personal disability income insurance policy, or a Business Overhead Expense policy, (BOE), we can help custom design a plan that will meet your needs.

Business owners who are involved in a partnership or group of owners will want to consider what is known as a disability buy-out.  Similar to the way that a life insurance policy can fund the transfer if one of the partners dies, disability buy out can fund the remaining partners purchase of the disabled partners share of the company.

Click here for a West Virginia disability insurance quote or contact our office at (304) 720-5641 to learn more and to discuss your options.

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