You work hard for what you enjoy in life. You have continuing expenses such as food, clothing, shelter, utilities, insurance premiums and entertainment. Your ability to earn an income is your most valuable asset. Disability Income Insurance provides money to replace earned income while disabled from sickness or an accident.
Where Will the Money Come From if You are Disabled?
Many people believe they will be covered by Social Security or workers’ compensation if they were to become disabled, but the facts are too great to ignore...
- 1 out of 4 workers, age 35-65, will be disabled for 90 days*
- Disability is the cause of nearly 50% of all home foreclosures*
- 80% of U.S. workers will exhaust their savings in only two months without the ability to earn an income**
- Less than 10% of disabling accidents and illnesses are work-related (The other 90% are not, meaning workers’ compensation doesn’t cover them)***
- Only 35% of workers applying for Social Security Disability Insurance (SSDI) claim payments in 2009 were approved***
* National Association of Life Underwriters
** Commissioner's Disability Table
*** Council for Disability Awareness, Long-Term Disability Claims Review, 2010
- Worldwide, 24-hour-a-day coverage while on or off the job
- A non-smoker discount is given to those who have not smoked cigarettes for 12 months or more
- Benefit period of 2 years, 5 years or to age 67
- Coverage is guaranteed renewable to age 67
- Provides a non-coordinated benefit, which means the base benefit you purchase will not be reduced by any other disability benefits you may receive
- A First Day Disability Income Benefit may be added to provide a daily income while hospital confined
- Premiums are waived after disability has lasted 90 consecutive days (Refund will include premiums paid during the 90-day period and premiums due while you are still disabled)
- A partial disability benefit is included at no additional cost
- Partial disability must follow a period of total disability for which benefits were paid
- Partial disability will equal 50% of the total disability monthly benefit
- A recurrent disability benefit is included at no additional cost (If disability recurs from the same or related causes, it will be deemed a continuation of the previous disability unless you have been actively at work for 6 months or more)
Disability Income for Business Owners
A disability can create serious financial hardship for individuals and their families. As a business owner, both your personal and business finances could be at risk. Here are ways Auto-Owners Life Insurance Company provides important coverage to fit specific business owner needs:
Business Overhead Expense Rider
Provides funds to reimburse owners for expenses such as salaries, business insurance, operating expenses and other fixed business expenses.
Business Owner Return-To-Work Rider
Provides a benefit to the business owner when they are able to recover from a total disability and return to work before the maximum benefit period has been reached.
Note: Coverages or discounts may not apply in all states. Some exclusions and limitations may apply.
“No Problem”® Life Insurance Company Products
Auto-Owners Life Insurance Company products are among the best in the industry. We pride ourselves in providing high quality, fairly priced Life Insurance, Disability Income Insurance, Long Term Care and Annuity products.
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