Disability Insurance and Taxes

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Taxability of Disability Insurance Is your individual disability insurance taxable? If you pay your individual disability insurance premiums with after tax dollars, from a personal account, the benefits payable to you are tax free. If you deduct your individual disability insurance premiums or pay for them from a business account, the benefits are taxable to you. Employer sponsored plans or …

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Disability Insurance: Choosing a Benefit Period

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Individual disability policies allow you to choose a benefit period. This is the length of time the policy would pay when you are on claim. The longer the benefit period, the more expensive the policy. 1)      Lifetime policies. Most lifetime policies have reduced benefits if you become disabled after age 45. If you become disabled prior to age 65, the …

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Disability Insurance: The Orthodontist, the Dentist, and the Mortgage

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Today I had a call from a local orthodontist who was looking for an individual disability insurance policy for him and his wife, a dentist, to cover their new mortgage.  Because of the size of the loan (over $1mil), the mortgage company required that they show proof that they have an individual disability policy to cover both of their incomes …

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Physician and Dentist Disability Insurance: Keeping Up to Date

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If you are a physician and purchased your policy prior to 2000, it may be necessary for you to review your current coverage as there have been many changes that have taken place in the marketplace. 1)      Occupational class changes. Some companies have upgraded some occupational classes for physicians thereby reducing premiums. For instance, pediatric dentists, gastroenterologists and pediatricians have …

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CRNA Disability Insurance

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CRNA Certified Registered Nurse Anesthetists are looking to Set for Life Insurance as their resource for individual disability insurance needs. Maggie James, a CRNA in Concord, NC said, “My colleagues raved about Set for Life Insurance. After they helped me set up my own policy, I can tell why. The process was professional, smooth and fast.” CRNAs need to look …

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