Call for a Quote
877-221-6198

Blog

Frequently Asked Questions about Disability Insurance for Radiologists

Radiologists often wonder if they could continue to pay their monthly expenses if their income ended due to an accident or injury. We’ve compiled this short FAQ guide to disability insurance for radiologists to help answer your questions.

What are typical maximum monthly benefits?

Insurance companies will allow you to buy a maximum monthly benefit up to 60 to 70 percent of your income. The maximum disability coverage you can buy will depend on whether you have any other long term disability insurance coverage in force.

Do disability insurance rates rise with my age?

You are probably healthier today than you will be in 10 years, at least in the eyes of disability insurance companies. As a result your rates today will be lower than if you wait around to buy a policy. It’s often best to lock in your rates for lower premiums by buying a disability insurance policy now rather than waiting.

I have disability insurance through my employer. Do I have enough coverage?

Employer provided disability insurance is often inadequate for your needs as a radiologist. Most employer provided plans pay a specified percentage of covered earnings but they often have a low monthly cap. Since some radiologists earn in excess of $400,000 per year the policies they have through their workplace are often not adequate for their true monthly income needs.

 

How can I ensure that my income is covered as I earn more from year to year?

A future increase of benefit option is a consideration for high income earners. Chances are that your income will increase substantially over the years and it’s best to lock in lower rates while you’re young.

 

What should I know about disability insurance riders?

Disability insurance is often sold with “riders” that are additions to the main policy. Here’s a rundown of the various types of riders found on many policies:

A Residual Disability Rider covers a partial disability and also provides a partial benefit as you recover from your disability.

A Future Purchase Option Rider allows you to buy a larger disability benefit at a later date without any questions about your hobbies or health.

A Catastrophic Disability Rider pays out an even larger benefit if you are catastrophically disabled

Who should I buy a disability insurance policy from?

Your policy should be purchased from an independent agent.

If you work with an agent that is not independent they may not be able to view all of the alternatives as they often sell policies from a single insurance company. An independent agent can show you the strengths and weaknesses of each disability insurance policy and help you make an informed decision.

Jeff Pennington specializes in disability insurance and can show you disability insurance quotes from all of the leading companies, and help you find the best rates for your situation. Contact Jeff today using this contact form or by calling: 877-221-6198.

Written 06/20/2017

Can Cigarette Smokers get Reasonable Rates for Disability Insurance?

As we discussed in a previous article about disability insurance rates for cigarette smokers, premiums for disability insurance is based on your risk of future illness.

Since smoking is the cause of many illnesses which would lead to a disability insurance claim, smoking will typically increase your disability insurance rates.

The following frequently asked questions are about smoking and disability insurance rates for smokers:

What if I only smoke once in awhile?

It is not up to you to determine how much “once in awhile” is, but honest reporting of your cigarette usage is required. Disability insurance policies are available for smokers so to ensure coverage when you need it you must report how much you smoke.

What happens if the disability insurance company shows I lied about cigarette smoking?

The insurance company may deny a claim or cancel your policy.

Jeff Pennington can show you smokers disability insurance quotes from all of the leading companies, and help you find the best rates for your situation.

Written 06/20/2017

High Income Disability Insurance

Have you ever stopped to think how much your lifestyle would change if you were unable to work? Facing the fact that a disability could happen to anyone at any time is difficult but necessary. The financial loss caused by a disability can be devastating. Even high-net worth individuals can struggle to make ends meet if their primary source of income is eliminated, even if only on a temporary basis.

Executives, professionals, self-employed individuals, doctors and dentists all have more to lose then the median income maker. The average Social Security Disability income payment is $1,146 monthly. For most high-income earners, this amount would not come close to meeting their monthly financial obligations.

The solution is high income disability insurance. It works similarly to other types of disability insurance, and is designed to protect you and your family in the case that your primary source of income is disrupted due to a disability or injury.

Many high-net worth individuals assume that their financial needs would be covered by workers’ compensation insurance, but what if your disability does not stem from an accident that occurred in the workplace? Others feel that their health insurance would cover their needs, but this is also not entirely true. Yes, your health insurance will pay for medical treatments, medicines, and the like, but what about replacing the income lost during an extended leave from your job? Health insurance does nothing to help pay utilities, mortgage payments, auto loan payments, or to meet your other financial obligations.

Just as your income is higher than the national average, so too are your financial obligations. This means that bills can mount much more quickly once your primary source of income is eliminated, and if a disability were to prevent you from working for six months, or a year, what then? Even for those with significant financial means, that can be a serious challenge. Your family could face financial destitution if there is no way to replace at least a portion of your income. High income disability insurance is designed specifically for the needs of high-net worth individuals.

With high income disability insurance, you can enjoy peace of mind, knowing that your family’s quality of life and financial stability will not be jeopardized if you experience a disability that eliminates some or even all of your income.

Our agency represents over 500 carriers. We can search the market for the least expensive options that provide solid contractual features for our clients. On average, most consumers save 30% when they use our agency to search all major carriers in their state. Call us today at 1-877-221-6198 to receive an unbiased evaluation of insurance offerings available.

Questions to Ask Before Buying Disability Insurance

 

When do benefits begin?

Most plans have a specified waiting period after an illness or injury before payments begin. We can discuss various plans and rates and help you find one that meets your needs.

How long do benefits last?

Several short and long term benefit periods are available to choose from.

How much will I be paid per month by my policy?

Your exact insurance coverage will be listed in your policy, and policies of varying amounts are available. We can discuss your options and help you get coverage that matches your income replacement needs.

Can my Social Security or workers’ compensation benefits be reduced by my private disability insurance policy?

If you receive disability insurance benefits from your personal private long-term disability insurance policy,these benefits may be reduced by your Social Security Disability Insurance (SSDI) benefits or other similar programs.

 

 

If you have questions about your insurance coverage, call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policies. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

 

 

 

 

Buying A Disability Insurance Policy After Bankruptcy

Have you recently been through bankruptcy? If so you may have found that it’s harder to buy a disability insurance policy. If so perhaps we can help. We work with multiple disability insurance providers, and some of them will insure people who have been through a recent bankruptcy. Give us a call or use the form on the right to get us started working on your behalf.

Personal bankruptcy often limits your ability to acquire disability insurance at affordable rates. Insurance companies will often consider your low credit rating a business risk, because you may not be able to pay premiums on time. They will often charge higher premiums and might limit your access to the best pricing for policies.

Here are a few tips about getting disability insurance coverage after a bankruptcy:

  1. Put together a file of documentation that shows your ability to pay your current bills on time. If you’ve been paying your bills on time since your bankruptcy and can show documentation to an insurance company, you will be more likely to get better pricing on a policy.
  2. Compare the rates for disability insurance policies from several companies.
  3. Discuss your current financial situation with us and let us see if we can help you find good coverage. We’ll check to see if you are eligible for any discounts as well.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

High Risk Occupation Disability Insurance Policies

Have you been denied a disability insurance policy because you’re in a high risk occupation?

If so, contact us and we might be able to get you the disability insurance policy and coverage you need for your high risk job. Disability insurance companies often choose not to insure workers with dangerous jobs, because of the increase in risk. We work with multiple disability insurance providers and some of them are willing to insure people that other companies deem too risky.

If any of the following situations applies to you, call us today to see what we can do. There’s never any charge to you for us to try to improve your disability coverage options, or help you get a disability insurance policy if you’ve been denied coverage.

  • You’ve been denied by your traditional carrier
  • You’ve been considered uninsurable or difficult to insure
  • You’ve been self employed, relying on commissions or home based employment
  • You’ve been covered by a capped Group Disability insurance but still seeking additional coverage

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Disability Insurance for Cigarette Smokers

Do disability insurance companies charge higher premiums to cigarette smokers versus the rates they offer to non-smokers? Yes, although you might be surprised to find out that smokers disability insurance policy rates are not all that higher than rates for non-smokers.

One of the factors disability insurance providers consider in setting premiums for disability insurance is your risk of future illness. Smoking is the cause of many illnesses which would lead to a disability insurance claim, so smoking will typically increase your disability insurance rates.

Jeff Pennington can show you smokers disability insurance quotes from all of the leading companies, and help you find the best rates for your situation.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Protect Your Paycheck With Disability Insurance

Many people feel that since they have their homes and cars insured that they are covered for any mishap that may effect their lives. However, what they often don’t consider is properly insuring what pays for those things—their paycheck.

Your paycheck is your most valuable asset, and just as you insure your other valuables, you need to insure your ability to earn an income. It’s sometimes helpful to think of disability insurance as insurance for your paycheck, because it provides an income if you’re unable to work due to an injury or illness.

Here are some common misconceptions people have when it comes to their plans to pay for a disability that might effect their paycheck:

Misconception 1: The government will provide me with social security assistance if I become disabled.

According to the National Safety Council, a majority of long-term disabilities are a result of an injury or illness that is not work-related, and therefore wouldn’t qualify for state-based workers comp. If you were counting on Social Security benefits, you should know that approximately 65% of those who apply are initially denied. Those who are approved receive an average monthly benefit of just over $1000, which would leave you with an income that is barely above the poverty line.

Misconception 2: I don’t work in a dangerous profession, therefore I don’t need the income protection of disability insurance.

You actually have a three in ten chance of suffering a disabling injury or illness  during your career that would keep you out of work for three months or more. The odds of suffering a long-term disability are high because illness, not accidents, account for 90 percent of disabilities that keep people out of work.

Misconception 3: I would rely on my families savings until I get better and go back to work.

The reality is that most people under estimate the savings they will need to cover their expenses if a disabling illness or injury kept them from earning their paycheck. Half of working Americans say they couldn’t make it a month before financial difficulties would set in, which is an awful fact since disabling illnesses or injuries often last for months or even years.

Misconception 4: My employer provides disability insurance coverage.

Disability insurance through your employer is a great benefit, but you’ll need to find out exactly what coverage you have. The Social Security Administration reported that almost 70% of employees  in the private sector don’t have long-term disability insurance.

Let us help you find disability information, coverage and rates that fit into your over-all financial plan, and protects your paycheck. Give Jeff Pennington a call at 1-877-221-6198 or use the form on the right to request a quote, get answers to your questions, and find the right policy.

Disability Insurance Month

Since May is Disability Insurance Awareness Month, it is a good time for employees and employers to evaluate their disability insurance needs. A long-term disability insurance policy is an important option for employees, and can be a great tool for employers to find and retain the best team members in their organization.

Most small companies can’t afford to offer their employees disability insurance, (aka “income protection insurance”), because of the costs. A recent national survey showed employees at smaller businesses are often not satisfied with their disability insurance benefits. Workers at mid-size and large companies, are often offered life and disability insurance benefits with their employment, but small business owners often can’t buy “large group” policies leaving them unable to afford the benefit as part of their employment package.

Many employers are turning to voluntary disability insurance benefits to help compete with their larger counterparts in attracting and retaining talented employees. The fact is, disability insurance is often so expensive that only large companies offer it to their employees, and even that is changing with the tough economic times.

 

 

Can Your Law Firm Survive If You Become Disabled?

Is your law firm prepared to survive a personal crisis, which leaves you or one of the partners disabled? If you’re not sure, then it’s time to take steps towards making a plan, and buying the appropriate coverage. Along with seeking advice from a professional, here’s a quick list of things you can do to get started:

  • Begin creating a written plan that describes each partners role in the law firm, and who would fill in their tasks in the event of that partner becoming disabled.
  • Figure out how much disability income insurance each partner in the firm would need to replace their income, so that they can continue to meet their portion of the firms monthly liabilites.
  • Recognize that a disability crisis can come at any time, and can impact financial stability and the survival of a law firm.
  • Make sure that each partner follows through on the purchase of a disability insurance policy.

Along with doing organizational planning like identifying procedures and personnel for temporary replacement, having a disability insurance policy in place for each attorney is crucial. The information you gather will prepare your law firm partners to make decisions in advance of a crisis in order to increase the success of your firm after a disability crisis.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your law firms’ disability insurance policies. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

 

 

 

1099 Disability Insurance for Independent Professionals and Contractors

If you’re a self-employed contractor that receives a 1099 form from some of your clients, disability insurance should be an important component of your financial plan.  It’s no longer true that only people working at large companies can get adequate coverage.

Disability insurance may be tough for independent contractors to secure, but an agent that specializes in disability insurance can help guide you through your choices.  Disability insurance pays a weekly or monthly benefit (or income) to an insured contractor in the event they are unable to work due to a disability or long-term injury.

Disability insurance policies usually require a waiting period following the accident or event that caused the disability, before the policy begins to pay the benefit. The premiums you’ll pay will be based on the waiting period length, the percentage of your salary that will be paid each month and the general risk of your occupation.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your law firms’ disability insurance policies. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Neurologist Disability Insurance – A Small Price to Pay

The “average Joe” insures his home and car, but does not think beyond in scope to insure any more than that. Unlike you, however, Joe has not attained his medical degree or built a career path as disciplined as you. Don’t be average. Be safe.

Did you know that sudden and prolonged illnesses or injuries happen to doctors every single day due to disability?

Disability does not play favorites. As humans we try not to think about it, but cancer, heart disease or orthopedic impairment affect everyone.

You have worked all your life to get where you are and now because you did not plan ahead you could lose your income and everything else along with it. Ask yourself “How would I sustain my lifestyle, pay for my home mortgage or even save for my children’s education?”

Even if you are currently saving 10% of yours salary, one year of disability could more than easily wipe out your savings. If you are a 30-year-old Neurologist then you are most likely beginning your career, earning $300,000.

If you became disabled, then you would have the potential to lose over $26 million in income (based on working to the age of 65-years-old and with a 5% annual increase in salary). Don’t allow this to happen to you.

Protect what you love – your family, lifestyle, and home.

Right now is the time to start feeling secure. With Disability Income Insurance from Pennington Brokerage, you can stop being average. It’s a small price to pay.

Call Jeff Pennington today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.

The most common disability insurance misconception

Common misconceptions about disability insurance can cost you a great deal of money. It’s not surprising with the confusing language used in insurance policies. The following article about the most common disability insurance misconception should help shed light on what might prevent a major loss to your financial portfolio.

My Employer’s Disability Insurance Will Cover Me If I Become Disabled

You may think that after a disabling injury your income would be replaced through your employer’s disability insurance policy. In fact, most group policies only pay around 60 percent of your salary up to a specified cap, such as $4,000 – $6000 per month. In addition, group policies usually don’t replace commissions or bonuses.

You have about a thirty percent chance of becoming disabled, and out of work for 90 days or more at some point in your career before age 65.

To calculate how much you’d need to maintain your standard of living if you become disabled you should speak with an insurance agent like Jeff Pennington who can help you consider all of your expenses and create a plan for coverage. Jeff can help you determine if you’re you’re under-insured, and help you find a policy that may pay up to 70 to 80 percent of your salary.

Before you buy disability coverage, read the policy closely because all long-term disability policies are not the same.In fact, there are many significant differences including the length of benefits and the waiting period,

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Why disability insurance is a necessity for physicians and professionals

Insurance clients often ask whether they have too little, too much, or the right kind of life insurance, but they often don’t consider how they would get by financially with no income due to a long-term or short-term disability. In fact, disability insurance is as important as life insurance, and in some cases, even more important.

At any given age during your career, the odds of you becoming disabled are much higher than the odds of you dying. Each year, a little over 10% of the U.S. adult population suffers a long-term disability. One out of every seven workers will suffer a five-year or longer period of disability before age 65.

If people had savings in place that could be used in the event of a disability the situation would not be so bad, but that’s rarely the case. Many working adults would be able to meet their expenses if they couldn’t work for  six months to a year. Bankruptcy often happens in these unfortunate circumstances.

Today, fewer employers offer disability insurance than life insurance, and it’s typically harder to qualify for disability coverage than it is for life insurance. When you apply for disability insurance, the insurance company will tell you if you have too much money to qualify for coverage. That’s because, unlike life insurance, you can’t buy all the disability insurance you may need.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Important Information About Buying Disability Insurance

You may not realize it, but three in ten workers entering the work force today will become disabled before retiring.
Social Security Administration, Fact Sheet January 31, 2007.

It is traumatic enough to suffer from an injury or illness, but when you add in the fact that even a short term disability can ruin your business or practice, it compounds the trauma. That’s why just about every income earner should look into disability insurance.

Once you choose an insurance agent, there are a number of factors that affect the policy selected. The most important decision will be the amount of coverage you require.

According to Money magazine, disability insurance should cover 60 to 70 percent of a person’s income. This figure will vary, based on your individual needs, your finances, and other sources of disability coverage you might already have in place. If you have large investment portfolios available in a time of need, you may be able to get by with less coverage.

The following are important questions to ask about disability insurance policies:

What are the exclusions?
Always check your plan carefully or ask your broker about any circumstances where your claim would NOT get paid.

How long will the disability benefits and payments last?
Several short and long term benefit periods are available to evaluate

Can I work part-time?
Does your income replacement plan have a “partial” or “residual” benefit?

When will the benefit begin if I suffer a disability?
After you’re injured or become ill there’s typically a waiting period before the policy begins paying benefits. If it’s a long waiting period, you’ll need some other source of income while you wait.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

Get a Disability Insurance Quote

Finding the best disability insurance policy for your exact needs requires expertise. We deliver completely customized disability insurance quotes for each and every person depending on their unique circumstances and needs.