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our ability to work and earn Guaranteed Renewable material duties of your regular oc-
a living is your most valu- and Non-Cancelable cupation.
able asset. Most of your in- Consider buying a policy that is
come is earned income. When you guaranteed to be renewable and can Partial, Residual, and Income Loss:
stop working, your income stops. only be canceled if you fail to pay You hurt your back because you
When protecting your most valu- the premiums. You purchase insur- fall off a chair changing a light bulb
able asset, you should ask yourself, ance to make sure you get a specific or you lose time from work for a
How long could I live on my sav- result. Always buy quality coverage stress-related illness. In these situ-
ings if my income stopped this very from a reputable carrier. Also, with ations, its likely you would not be
second? Its shocking that people a non-cancelable policy, premium totally disabled. Look for a policy
in the richest nation in the world rates cannot be raised at any time that will pay a proportional ben-
are often within six weeks of per- for as long as you own the policy. efit if you have a partial or residual
sonal bankruptcy. Your rates will never go up! loss of income. Many definitions of
Your chances of becoming dis- disability are concerned with your
abled are high. If youre currently Definitions ability to work part-time and do all
between the ages of 25 and 45, your When you buy disability coverage, of your regular duties; or coming
chances of becoming disabled for at you are actually buying the insur- to work full-time and only being
least 90 days are greater than one in ance companys definition of dis- able to do part of your regular du-
three (Table 1). Statistics show the ability. There are three basic defini- ties.
longer the disability, the less likely tions: You need to be thorough in
it is that the person will return to reviewing any clauses. To resolve
Presumptive Disability: If your
work. this confusion, several major in-
sickness or injury results in the loss
The logical solution is to buy surance companies have adopted
of your eyesight, power of speech,
some form of disability income loss of income provisions. These
hearing, use of both hands, both
protection coverage through your basically say that if your sickness
feet or one hand and one foot, then
insurance agent. Like most forms or injury causes you to lose 20%
most insurance companies will
of insurance, disability income has of your income, youre considered
consider you totally disabled. Not
its own language. To make sure disabled. These companies gener-
only that, but many companies will
you choose the kind and amount ally agree that if your income loss
waive the elimination period and
of coverage you need, here are is 75% or more, youre totally dis-
you could start receiving your ben-
some suggestions to consider abled.
efits immediately.
when shopping for disability in- Once you find a satisfactory def-
come policies. Occupational Disability: Youll inition of disability, look for other
want to avoid insurance policies provisions that fit your needs.
that have an any occupation Some questions you may want to
Mr Heil is a Financial Representative definition. If the policy pays only ask are:
of Principal Life Insurance Company. if the insured is unable to perform
Principal Life is a member of the Principal How Long Should My Disability
Financial Group, Des Moines, IA 50392.
any occupation that reasonably fits,
Disability Income Insurance has limitations then his/her chances of getting paid Benefits Last?
and exclusions. For costs and complete are small. You want a disability This depends on your age, income,
details of coverage, contact Wisconsin
policy that considers you disabled and cash position. Usually the
Medical Society Insurance and Financial
Services, Inc., at 866.442.3810. if you cannot do the substantial and shortest benefit period is two years.
The Wisconsin Medical Journall (ISSN 1098-1861) is the official publication of the
Wisconsin Medical Society and is devoted to the interests of the medical profession
and health care in Wisconsin. The managing editor is responsible for overseeing the
production, business operation and contents of the Wisconsin Medical Journal. The
editorial board, chaired by the medical editor, solicits and peer reviews all scientific
articles; it does not screen public health, socioeconomic or organizational articles.
Although letters to the editor are reviewed by the medical editor, all signed expres-
sions of opinion belong to the author(s) for which neither the Wisconsin Medical
Journall nor the Society take responsibility. The Wisconsin Medical Journall is indexed
in Index Medicus, Hospital Literature Index and Cambridge Scientific Abstracts.
For reprints of this article, contact the Wisconsin Medical Journall at 866.442.3800 or
e-mail wmj@wismed.org.