Disability
Financial Liberty Group Inc. has positioned itself as one of the region’s premier disability insurance providers. Whether you’re an employer who is required by the state to maintain coverage for your work force or simply and individual looking to protect his or her family against a catastrophic loss of income, Financial Liberty has got you covered. From state mandated disability benefit polices to long term disability income insurance, we’re you’re best choice for service and satisfaction.
New York Disability Benefits Law (DBL)
Employers with one or more employees working within the State of New York are required to provide short-term disability benefits should the employee become disabled as a result of a non-occupational injury or illness. After a 7-day elimination period, the employee is eligible to receive 50% of their weekly earnings up to a maximum of $170.00 per week. In addition, while continuously disabled the employee can receives up to 26 weeks of benefits within 12 consecutive months. Financial Liberty offers extended plan options that allow an employer to shorten the elimination period, increase the covered weekly benefit percentage, weekly dollar max payouts and overall covered timeframes.
How Can I Get Disability Coverage for My Employees?
Coverage for disability benefits can be obtained through a disability benefits insurance carrier who is authorized by the New York State Workers’ Compensation Board to write such policies.
Contact Financial Liberty to find a Disability Insurance provider that is right for you.
Long Term Disability Coverage
If you suddenly found yourself unable to work as a direct result of sickness or injury, do you know how would you maintain your standard of living? How would you provide for your family? Pay your mortgage? If you’re like most people, your ability to generate an income is your most important asset.
Long term disability insurance helps to replace lost income for an extended period of time. It is a fact that upwards of one third of all working adults will experience a disability that lasts longer than 90 days at some point in their lifetime. Long term disability insurance is a vital component in any individual and family’s future financial security.
Disability Income Insurance Policy Features
- Most individual policies are written on either a non-cancellable or guaranteed renewable basis. With a non-cancellable policy, premiums can never be increased. Under a guaranteed renewable policy, premiums cannot be raised based for a specific individual, but they can be increased for an entire class of policyholders.
- The amount of income you would receive when disabled varies by policy. However, benefits from all sources are usually limited to 70-80 percent of your monthly salary. Policies that pay in the range of 50-60 percent of salary are most common.
- If you purchase your own policy, your disability benefits typically are not subject to income taxes. Benefits are taxed, however, if your employer pays for the disability Insurance coverage.
- Policies have varied waiting periods (or elimination periods) before your eligible to begin receiving benefits. You can lower the premiums you pay by waiting 90 days, six months, or even longer before starting to receive benefits.
- Some policies offer cost-of-living adjustments in the amount paid to the insured as an optional benefit.
- Most companies review an individual’s medical and financial history and consider any other disability coverage that person has before issuing a policy.
Factors Influencing Cost
There are a variety of factors that determine the cost of an individual disability income policy. These may include but are not limited to:
- Occupation
- Age
- Definition of Disability
- Benefit Amount
- Elimination Period
- Benefit Period
- Recurrent Disabilities
- Cost-of-Living Adjustments
- Current Health Status
- Smoker versus Non-Smoker
- Gender
- Mental Health/Substance Abuse History
- Exclusions and General Coverage Limitations
Contact Financial Liberty Group today to speak with one of our representatives about protecting your business or your family with one of our disability insurance products.