Contact Information
Jo-Ann M. Dobson
Managing Director/President Oppenheimer Life Agency Ltd.
Phone: (212) 668-5890
joann.dobson@opco.com
Oppenheimer & Co. Inc.
85 Broad Street
New York, NY 10004
Disability Insurance
An extended illness or some other disabling condition may not only disrupt current income, but also deplete the assets intended to provide for a client’s retirement. Individual disability insurance is designed to replace 45-60% of the insured’s gross income on a tax-free basis, should an injury or illness prevent the insured from earning income.
When a disability strikes, earned income decreases or vanishes, and expenses increase. The longer a disability lasts, the greater the chances that savings will be depleted and debt will be incurred.
If you are disabled, the period of interrupted income could last a month, a year or for the rest of your life. However, uninsured medical expenses and monthly household bills would still need to be paid or your family’s lifestyle may have to change dramatically.
Types of Policies
Short-Term Disability - Pays you a portion of your income for a short period of time after you run out of sick leave. Depending on your plan, short term disability will generally pay you for between 9 and 52 weeks.
Long-Term Disability - pays you a portion of your income after you run out of both sick leave and short term disability. Depending on your plan, Long term disability may pay you for a specific number of years, like 2 years or 5 years, or until you turn a specific age, like 65.
Disability Insurance policies vary greatly from one insurance company to another in coverage and features available, as well as in premium cost. A thorough analysis should include an objective examination of definitions, provisions, riders, elimination and benefit periods, waivers, exclusions, offsets, etc. In short, to be sure the product meets the policy owner’s specific needs, a number of variables must be considered.
There are a variety of disability plans available through several different insurance providers. An Oppenheimer Financial Advisor can help assist in finding the right plan for you and your family.
Any payment guarantees are based on the claims paying ability of the insurance company.