Posted by John Coyle on Fri, Oct 03, 2008
You may not consider a broken bone, nervous condition or bout with influenza completely disabling, but such afflictions may cause you to miss work for an extended period of time, which could put undo stress on your finances and quality of life. Should an accident or illness ever render you unable to work and generate income, disability insurance could truly be a lifesaver. Many people believe that their workplace will provide necessary reimbursement in the event of a misfortune, but that is not always the case. Even if available, company-issued disability insurance is not always sufficient and may only provide a very small portion of your earnings each month. Tri-Star Insurance Professionals, Inc. of Plano, Frisco and North Dallas can give you the full rundown regarding supplemental policies to find one that best fits your needs.
According to the Health Insurance Association of America, about 30 percent of middle-aged Americans will suffer a disability of at least three months at any point in their careers. That being said, a quick lesson on disability insurance may come in handy someday.
What exactly is disability insurance?
Individual disability insurance is in place to provide you with a high, tax-free percent of your income if you cannot work due to a legitimate reason. As the details of every disability insurance policy differentiates between providers, aiming for the cheapest rate is not always the best idea. A quality contract will increase the likelihood of higher monthly benefits.
How Long Can I Receive Disability Benefits Through My Policy?
Monthly benefits are payable for a fixed period depending on the severity of the claim. Following a short waiting period after filing your benefits may last as long as a lifetime or as little as a two years. Generally, longer waiting periods are a result of a cheap policy. The most commonly available benefit periods are two years, five years, and to age 65.
How Much Disability Income Coverage Do I Really Need?
Experts recommend that a policy should replace 60 to 70 percent of taxable earnings. If purchased with after-tax dollars, your monthly reimbursement will usually be income tax free unless you have a group policy through your employer, which is always taxed.
What are some tips to obtaining coverage?
As insurance usually gets more expensive as you get older due to diminishing health, buying young is a smart move because you will be able to lock in a lower premium. Also, consider purchasing a noncancelable policy, which is protected from cancelation or adjusting premiums as long as you pay your premiums on time. Finally, comparing policies from at least three different insurers is ideal, and an independent insurance agency such as Tri-Star Insurance can do all the work for you.
If you want to learn more about individual disibility insurance contact Roger Harkins of Tri-Star Insurance today at 214-387-0600 or visit them on the web at www.tristarins.com. Give yourself peace of mind by knowing you will be financially covered in the event of an accident or illness.
Related Links
National Organization on Disability
Disability Resources
Texas Department of Insurance
Posted by John Coyle on Fri, Jul 18, 2008
With a vast assortment of insurance plans on the market, it can sometimes be frustrating to find a package that fits your needs at a reasonable price. If you are looking for low-cost insurance in the North Dallas, Plano, or Frisco areas, then let Tri-Star Insurance Professionals aid you in finding just the right combination of personalized insurance coverage at just the right cost. To ensure that you will receive maximum coverage at the most competitive price, Tri-Star plays to its strengths as an independent agency, versus a captive insurance agency, to find you the best option available.
What is the difference between an independent agency and a captive agency?
A “captive” insurance agency is just what it sounds like. Agents are a captive of the company they work for which means they exclusively represent that company. They can only provide you with the rates that their agency offers with no exceptions. There are many easily recognizable captive agencies such as State Farm, Allstate, and MetLife.
On the other hand, an “independent” insurance agency represents numerous companies. Independent insurance agents, or brokers as they are commonly called, can research what the top insurance companies offer and let you choose the rates and coverage that is best for you. Basically, they are free to do business with any carrier in order to find a package that is tailored to your needs. By working with an independent agent, you have more choices available than just what a single company offers.
How Can I Lower The Cost of My Insurance?
In order to lower their insurance costs, many people choose to ask for a higher deductible. Deductibles are what you are required to pay before your insurance policy kicks in. By asking for a higher deductible, you can save more on your monthly premiums, but the potential for out-of-pocket expenses is much greater. For example, if your deductible is $2000, a trip to the emergency room, or even a minor surgical procedure may require you to pay the whole cost up front. If doing that would plunge you into severe financial strain, then requesting a higher deductible is unwise.
Many people also decide to minimize the amount of coverage they currently have with a policy in order to save money. “That’s not necessary”, says John Coyle, agent at Tri-Star Insurance, "there are legitimate ways you can retain decent coverage while not draining your pocketbook". Prices vary from company to company, so shop around for the best rates. That is where an independent agency such as Tri-Star in Plano - Frisco - North Dallas can come in handy, because they will do all the legwork for you by researching to find the most affordable plan available. Also, by combing packages such as auto and home insurance, you may receive a multi-policy discount.
If you are looking for the best in low-cost insurance, call John Coyle or one the talented associates at Tri-Star Insurance today at 1-800-880-4600, or visit www.tristarinsurancepros.com.
Related Links
Insurance Information Institute
Texas Department of Insurance
Insurance Blog