What if you hurt your hands or accidentally slam your finger in a car door? Even in an “office” job your livelihood could be in trouble if you can’t use your hands properly. Don’t worry, you CAN get paid if you hurt your hands – or other body parts!
Your job may be different but in my occupation, typing applications and calling clients are some of the tasks where I need my hands to accomplish my workload. Other jobs depend even more on using their hands for a paycheck. Many occupations like surgeons, dentists, massage therapists and hairdressers are fully dependent on their ability to use their hands for many of the tasks at their job.
Famously, Keith Richards of Rolling Stones has had his hands insured which some saw as a publicity stunt. But, is it? I bet you already know someone who lost their job due to health issues, who could have been helped if they had this type of coverage in place.
What are the odds? Many lose their income due to health problems. We are four times more likely to sustain a career-ending injury or illness during our working years, than we are to prematurely lose our life during the same period. (*Source: SSA.gov)
Does insuring one’s hands make sense? Is “hands insurance” coverage something anyone can get?
While hands-only insurance or other body parts coverage are being used by many artists and public figures, for “the rest of us” there is a policy called “disability income” insurance that offers paycheck protection in case of injury or illness of any kind, including coverage for your hands. Some LIFE INSURANCE policies include this coverage as one of the “living benefits” payable to you during your lifetime. This coverage is often included in employee benefits package offered to only about 35% of working population in the US. What can the rest of us do, if we don’t have a job where these benefits are offered? IDI – Individual Disability Insurance is a policy anyone can secure in order to guarantee a paycheck if their health interferes with their career.
How does Disability Income insurance work?
If you’re out of work for longer than a week, you may qualify for monthly “disability income” payments from your policy. There are various “waiting periods” before the benefits kick in. Short-term DI policies can start as soon as 7 days after injury or illness, with a short payout period of 12 or 24 months, while long-term DI plans may pay for the rest of your working years if still unable to function in your occupation based on your experience, training or education.
SHORT-TERM DISABILITY INCOME:
Waiting period: 7-30 days
Benefit period: 1-24 months.
LONG-TERM DISABILITY INCOME:
Waiting period: 60-365 days
Benefit period: 2 years; 5 years; 10 years; “to age 65” or even payable up to age 70.
As you can probably guess, the longer the insurance company has to pay part of your lost income, the more expensive the plan will be. Similarly, if you can wait a bit longer before the benefits kick in, your plan’s premium will be lower.
How much does Disability Income insurance cost?
As a rule of thumb, you shouldn’t spend more than 1-3% of your income to protect 60-100% of your take-home paycheck. As independent brokers, our agents can help you compare all available US companies that offer this type of coverage. Some companies focus on covering those in the medical field, while other carriers prefer a more diverse types of occupations they will cover. Some with more dangerous jobs may only have a few insurers available to choose from, but we have options to protect your income even if you work on offshore rigs or handle hazardous materials in your job.
Doesn’t Social Security pay for disabilities?
Social Security (SSDI) only pays for “total disability” and it doesn’t take into consideration job-specific tasks. Also, an employer plan may only cover on-the-job injuries or illnesses. With these plans for example, a surgeon who hurt his shoulder or back while on a golf course, will not be considered totally disabled and not qualify for benefits from SSDI or his employer-paid plan especially if they can get a teaching job, for example. The best solution: individually-owned “disability income” policy that will cover your loss of income due to any health issues, even injuries or illnesses that are not caused on the job site.
How can I get a IDI quote?
To calculate the premiums for a suitable “individual disability income” policy, your agent will need to know your occupation, if you’re full time or part-time, current income level you’re trying to protect (some may need only a small benefit to pay for monthly bills, some may want to cover as much of their income as they can). Expect to provide medical history information, as these policies may exclude some pre-existing conditions. For example: if you already have a diagnosis for carpal tunnel you may not be able to get coverage for your hands. Because of all the details needed for a quote, a DI online quoter is not practical, so give us a call or fill out the form below to ask for a quote:
Daniel@LifeGuy.com
Call: 1877-LIFE-GUY (1877-543-3489)
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