Our goal is to help you with your insurance needs.
Our promise is to help educate you about disability insurance...We
provide free consultations. We make certain that you have service
after the sell. We help at renewal time. We are Oklahomans who
live and work in Oklahoma and are always available to come to your
home or office to assist you with your needs
AASK Insurance can assist you in choosing the right
insurance provider with the right insurance plan. Whether you are
looking for your small business, individual or family plan, John
Krogh will work with you personally to sort out all the details.
Things to Remember When Shopping for Disability
Insurance |
| |
Definition of Disability (The way
the policy defines disability can make a difference in benefits.)
|
Extent of
Disability (When do you want benefits to kick in?)
- Total
disability vs. partial disability. Check out terms and timing
of benefit payments.
|
Coverage (Consider coverage that pays for accident AND illness.)
- As
you get older, you're more likely to require coverage for illness.
|
Residual
Benefits (Is
this benefit important to you?)
- Residual payments make up the
difference between full income and partial income.
|
Presumptive
Disability (Is
this included in your coverage?)
- Certain conditions, including
loss of sight, speech, hearing, or use of limbs, entitle you to full
benefits regardless of your ability to perform parts of your regular
job.
|
Amount of Benefits
(Make sure you get the benefit you need.)
- The amount of stable, earned
income at the time you purchase your policy determines monthly benefits.
Typically, benefits are 70 to 80 percent of your monthly income.
|
When Payments Begin
(Make sure you stipulate when payments begin. The timing can reduce your
premium payments.)
- Immediately on becoming
disabled
- A length of time after the
disability begins
|
Length of
Coverage (Electing shorter benefit periods can save premium
dollars.)
- Since disability benefits are
designed to replace earned income, most people don't need benefits after
the working years (typically age 65).
|
Inflation
Factors (You decide which option(s) suit you.)
- A cost of living adjustment,
generally 4 to 10 percent, is available for additional premium.
- Most policies include a waiver
of premium provision, which eliminates premiums after
90 days of disability.
- Some include option to buy
additional coverage allowing you to bypass a medical examination
or the need to submit further proof of insurability.
|
Renewal Options
(Make sure you know this.)
- Non-cancelable - The insured
has the right to continue by timely premium payment. The insurer
cannot change premiums/benefits of the policy.
- Guaranteed renewable - The
policy automatically renews with the same benefits. The premium can be
changed for an entire class of policyholders.
- Optionally renewable - The
policy is extended at each anniversary or premium date at the option of
the insurer.
|
Taxes
- Payments under disability
policy are not subject to income tax.
- Exception: if premiums were
employer paid, some/all of benefits may be taxed.
|
