What Is Disability

Disability means that because of injury or sickness a person is unable to perform the major duties of his/her occupation. Occupation means the regular occupation (or occupations, if more than one) in which a person is engaged at the time he/she becomes disabled. Disability can be Total or Partial. Total Disability occurs when a person in his physical condition, in combination with his age, training, and experience, and the type of work available, causes him to be unable to secure anything more than sporadic employment resulting in an insubstantial income. Generally disability ends when a person returns back to work in his regular occupation. When he/she returns to work, if there is a loss of earnings (generally 20% or more), it is called as Residual Disability.

Why Do I Need Disability

Bad things can happen to Good people, is a popular adage. In light of this, a person can either DIE or become DISABLED. Generally people buy homeowners insurance to protect their home, Auto insurance to protect their cars, but fail to protect the source of such assets like home and car, their INCOME.

Facts About Disability

  • Between the ages of 35 and 65, 7 out of 10 people will become disabled for 3 months or longer.
  • At Age 32, a disability of 3 months or longer is 6 times more likely than death.
  • 7 out of 10 claims for Social Security disability benefits were initially refused.

Top 10 Disability Insurance Companies

Insurers Ranked by Net Written Premium As of 1999 In Millions

  1. Paul Revere Life $ 817
  2. Provident Life $ 490
  3. NorthWestern Mutual $ 485
  4. Mass Mutual $ 302
  5. Guardian Life $ 162
  6. Equitable Life $ 118
  7. New York Life $ 91.5
  8. Combined Insurnace $ 73.6
  9. Unum Life $ 67.5
  10. Principal Life $ 62.7