At HIA Insurance, we work with you to ensure that you choose the insurance companies and products that are right for you.
What is disability insurance?
Disability insurance helps replace a major portion of your income when you are sick or injured and unable to work. Some people think of it as “paycheck protection.” Others view it as a way to protect their home since a mortgage payment is often a family’s most significant monthly expense.
Having disability insurance can provide a sense of security, knowing that if the unexpected should happen, you will still receive monthly income.
HIA Insurance is an Independent Insurance Agency representing multiple companies, which allows us to do the shopping for you.
If you think about it, everything you have today – your home, car, groceries, savings – basically your lifestyle, depends on your ability to earn an income. Most people are quick to insure their possessions, such as their home and car. In addition, they generally have life insurance that would provide for their family. Nevertheless, the one thing that makes all this possible is – your income. It is your most important asset. Therefore, protecting it with disability insurance is not just a good decision – it is essential.
What are the types of disability insurance?
Individual Disability Insurance
Two choices of coverage for this category:
Short Term Disability
- Immediate coverage from the first day of disability
- Shorter benefit period keeps the premium lower
- Fills the gap before an employer’s coverage begins paying benefits
- Protection that is portable and not tied to a job
Long Term Disability
- Other Resources are available to cover first few months of disability
- Need comprehensive coverage for accident or sickness
- More rider options that meet your needs
- Protection that is portable and may be needed for years
Group Disability Insurance
The main source of disability insurance in the United States is coverage provided by employers.
There are two forms of group disability insurance:
- Short Term Disability (STD) replaces a significant portion of income for about three months in most cases
- Long Term Disability (LTD) typically pays 40% to 60% of a base income for longer periods
Some companies do not provide disability coverage but help their employees by giving them the opportunity to purchase coverage on a voluntary basis. With this type of program, employees, rather than employers, pay the full cost of the coverage. A benefit of purchasing disability coverage at the worksite is that it is generally easier to qualify for than coverage you purchase on your own. Always check with an employer’s human resources department or benefits manager to see what coverage and purchase options your company’s plan provides.
Business Operating Expense Insurance
Helps business owners maintain their business in the event they become disabled due to sickness or injury.
If you own a business, no matter how comprehensive your medical coverage may be, or how much individual disability insurance you have, it is important to have money available to cover monthly expenses for your business if you become disabled. Expenses such as: employee’s salaries, rent, utilities, maintenance, taxes, interest on business loans, and so on.
Coverage is flexible and can be tailored to your business needs and budget. In addition, premiums may be tax deductible.
Because of the variety of disability plans, individuals and employers often rely on an insurance professional to assist in obtaining the best policy to meet their needs and budget. So give us a call today for a quote.
(HIA Insurance is licensed to do business in Indiana and Illinois. We are also licensed in the states of Florida and Michigan, and offer products and services in those states on a limited basis. This Web Site is not a solicitation for business in states for which we are not licensed.)