FERS | CSRS & Individual Disability Benefits
  • The Firm
    • Why Our Firm?
    • Practice Areas
    • Attorney Bio
    • Client’s Rights
    • Testimonials
    • Disclaimer & Privacy Policy
  • Disability Benefits
    • Employer-Sponsored Disability Plans (ERISA)
    • Federal Employees Retirement System (FERS)
    • Private (Individual) Disability Policies
  • Claims Mgmt. Services
  • SSD Appeals
  • Insurance Companies
  • Disability Resources
    • Government Sites
    • Medical Conditions & Support Groups
    • Professional Associations
  • Free Case Evaluation

The DeHaan Law Firm Law Ledger

Before You Buy That Private Disability Policy . . .

0
Posted by Editor On April 20, 2021 In Disability Law Ledger, News, Newsletter

Those people who are in business for themselves or are professionals such as doctors, lawyers, dentists, accountants, should consider purchasing a private (individual) disability policy. A private (individual) disability policy is added protection for you and your family should you become disabled and unable to continue working.

But, not all private (individual) disability policies are equal, and the amount or type of coverage they offer depends upon the type of policy you purchase, the amount you spend, and the insurance carrier you purchase it from. Making the purchasing decision requires a good deal of research, as well as determining the specific needs of you and your family.

Unfortunately, many of my clients are at a loss when it comes to fully comprehending exactly what type of policy they have. Some have never read it carefully enough, and others do not bother to review it periodically for changes in eligibility or limitations. If and when they become disabled, too many are surprised when they learn about what these policies, often expensive, actually do cover.

Things to think about before purchasing a private (individual) disability: plan:

  1. Make sure to read any policy carefully (especially the fine print)
  2. When purchasing private (individual) disability insurance, make sure you have the right coverage as well as the right amount of coverage.
  3. Always plan ahead; keep your changing personal and professional needs in mind.
  4. Consider purchasing a Premium Waiver Benefit on your Life Insurance Policy. This means that your Life Insurance Policy will continue to cover you at no charge during your disability.
  5. Consider purchasing a Business Overhead Policy. A Business Overhead Policy will cover your business expenses such as rent/mortgage, salaries, equipment, etc., during the time of your disability.
  6. Review your policy (or policies) regularly for changes in eligibility and limitations.

I often consult with clients before they make the decision to purchase a private disability policy, and handle their applications should they suffer a debilitating disability.

Tags:   Individual Disability PolicyInsuranceLife Insurance for BusinessesPrivate DisabilityPrivate Disability for DentistsPrivate Disability for DoctorsPrivate Disability for lawyersProfessional Disability Policy

Recent Posts

  • FROM: NY.GOV Disability Benefits and Paid Family Leave Insurance
  • Guidance On Long Covid
  • The Importance Of Medical Treatment When You Are On Disability
  • How Independent Are Independent Medical Examinations?
  • For Covid ‘Long Haulers,’ Battling for Disability Benefits Adds Aggravation to Exhaustion

Archives

You can find us all over the web

About The DeHaan Law Firm

The DeHaan Law Firm is focused on long-term (permanent) disability law including Individual Disability Insurance Policies, Employer Sponsored Benefit (ERISA) Plans, and the Federal Employee Retirement System (FERS).

Latest Posts

  • FROM: NY.GOV Disability Benefits and Paid Family Leave Insurance
  • Guidance On Long Covid

Search

Mailing Address

  • The DeHaan Law Firm
    • P.O. Box 5248
    • Hauppauge, NY 11788

Office Address (By Appointment Only)

    • 746 Merrick Road
    • Baldwin, NY 11510
  • (631) 582-1200
  • jdehaan@dehaan-law.com

© 2016 DeHaan Law Firm, LLP. All rights reserved. Disclaimer and Privacy Policy Client's Rights Attorney Advertising