Latest Insights

What Keeps You Up At Night?: Common Questions

Disability Income Insurance

Protecting Your Income Is A Good Decision 

In its most basic form, income provides money for shelter, food, and clothing. But our income, as we all know, is anything but “basic.” Your income isn’t just a paycheck. It’s usually the primary source of funding for every part of your life. Expressed another way, your income — when viewed over your entire career — is often your single most important asset.

Can I afford to become disabled by illness or injury and be unable to work for months?

  • Nearly 69% of wage earners would find it either ‘very or somewhat difficult to meet their current financial obligations if their next paycheck was delayed for just one week.*

Did I sign up for the Group Long Term Disability policy at work?

  • Does that policy cover 100% of my monthly income?

    • ​​If not, how would I cover the remaining percentage?

  • How will I cover my other annual compensation, e.g., stock options, bonuses, and other incentives?

    • ​​Group LTD policies cover only a percentage of salaries.

  • How does the policy define disability?

    • Do I have “own occupation” or “any occupation” coverage?
    • How long does the “own occupation” coverage last? 

  • What happens when I go back to work?​

    • Will I go back to a less-well-paid job?
    • What are those benefits?

  • Should I ever turn down group coverage?

    • If my current plan is too stingy, where do I turn?
  • Does this coverage cover my 401(k) contributions?
    • ​Does it cover my employer's matching contributions as well?

Should I shop for a supplemental DI policy?  

  • How much coverage? How expensive is it? 
  • How long the duration of benefits? Is there a cap?
  • Are the benefits coordinated with Social Security in the event of permanent disability?
  • Can I afford not to have this supplemental policy?

​ How can I keep costs down if I buy a supplemental policy?

  • How long can I rely on my own resources before  I put in a claim?

  • Should I consider forming my own multi-life plan with others at work?     

*Source: American Payroll Association, “Getting Paid in America” Survey, 2022. A disability income policy has exclusions and limitations. For cost and complete details of coverage call your agent or Lenox Advisors, Inc. at 212-536.8700 for a referral to an advisor.

DI15 CRN202304-280982

You May Also Like Related Articles

Is Disability Income Insurance Worth It?

You insure your most valuable assets like your home, your car and your life. Most people would agree that they’re worth protection; however, disability income (DI) insurance is something people tend to be less certain about.