Disability Insurance

Do you know what you would do if you were unable to work and had no way to replace your income? To make sure you had a stream of revenue in such an instance to meet your financial obligations, Provider would recommend purchasing disability insurance.

There are two kinds of disability insurance – short-term and long-term. Short-term policies have waiting periods of up to 14 days with a maximum benefit of no longer than two years. Long-term policies have waiting periods of several weeks to several months with maximum benefits that can last up to a lifetime. Protection features on policies that consumers should be aware of are called non-cancelable and guaranteed renewable.

Non-cancelable means an insurance company cannot void a policy except for nonpayment of premiums. Under that provision, consumers have the right to annually renew policies with no increase in premiums or reduction of benefits. With a guaranteed renewable provision, clients can renew policies with the same benefits and not have policies canceled, but companies can increase premiums. In addition, there are many other policy options such as cost of living adjustments and coordination of benefits that Provider agents can explain to consumers.