Disability insurance

Disability is defined as an illness or injury that prevents you from working. With government or employer-provided disability benefits, there may be stringent eligibility requirements and the plans may not replace an adequate portion of your salary or may only pay benefits for a specific time period. Purchasing an individual long-term disability plan may be the difference between being able to provide for your family and falling short on your monthly obligations.

Individual long-term disability insurance plans:

  • Typically are more flexible than employer-sponsored plans, and they are portable. This feature of portability simply means you own them as opposed to the employer owning them.
  • Have premiums based upon health, age, gender, salary, benefit limits, and occupation.
  • Will pay you benefits if you are unable to perform the duties of your specific job or could pay benefits if you are unable to work at any job.
  • Are paid for with after-tax dollars; thus, the benefits are not taxable.

There are a number of long-term disability plans available through a variety of well-respected insurance providers. A Stifel Financial Advisor can help you determine which plan is right for you and your family.