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Learn MoreDisability Insurance in Red bank, NJ
Disability Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Disability Insurance Information
What is Disability Insurance?
If you experience illness or injury that prevents you from working, disability insurance can help pay part of the income you’re missing. You could want or need disability insurance for a variety of reasons. It’s important to discuss your needs with your agent at Morgan Financial Services to determine the amount of coverage you may need.
About Disability Insurance
Disability insurance helps protect you against financial hardship should you experience a serious illness or injury. There are two main types of disability insurance to consider when determining your coverage:
- Short-term disability. This policy can help pay up to two years of missed income, but the most typical length of coverage is a few months to a year
- Long-term disability. This policy can help pay for a few years of missed income or until the disability ends.
It’s up to you to determine which policy is right for you. There are several policy features to know about to help you choose your coverage:
- Definition of disability. You first need to understand how your policy defines disability. Some policies pay if you cannot perform your job and others only if you engage in no employment at all. The amount of coverage will also differ.
- Amount of income. The amount varies depending on your policy. The most common coverage is 50 to 60 percent of your monthly income. Discuss your needs with an agent to determine the amount of coverage you could need.
- Length of benefit period. You’re able to customize the length of time you can receive benefits. This could range from one year to retirement age, depending on your needs.
- Residual benefits. This policy feature gives you partial income if your income is reduced because you are unable to perform some or all of your job.
- Cost of living expenses. Adding this option means that as inflation occurs, your policy will change and adapt to such.
- Waiting periods. Both short- and long-term disability may have waiting periods before coverage will kick in.
Learn More About Disability Insurance
At Morgan Financial Services, we’re here to help you navigate your coverage. Contact your agent today to learn more about disability insurance and which policy options are right for you.