Women Disability Insurance

Set For Life Insurance has been very helpful to my partner and I over the years.  They clearly have our best interest in mind when recommending companies and policies. They were sensitive to our unique situation.Kris R., Certified Public Accountant, Dallas, TX

Women Disability Insurance

According to disability insurance statistics, women are three times more likely to be disabled on the job. According to the Bureau of Labor Statistics, the number of women in the work force is growing twice as fast as the number of men. And on the average, women contribute 30 to 40% of all household income.

Yet a woman in her prime working years is much more likely to become disabled — permanently or temporarily — than a man. According to the Journal of the American Society of Certified Life Underwriters, a 35-year-old woman in a professional position is three times as likely as a man of the same age to become disabled for 90 days or more.

A company isn’t required by law to offer long-term disability insurance — so many don’t. If your company does, it’s important to understand exactly how much reimbursement to which you’ll be entitled.

How Much Disability Insurance is Enough?

Disability benefits rarely cover 100% of a worker’s income; typically they add up to around 60% of your gross salary (pre-tax)– which can leave you short in meeting your monthly bills.

Many women looking for disability insurance believe they can rely on Social Security Benefits as potential income. But according to the 1998 Social Security Handbook, a full five calendar months must pass before the government can provide any disability benefits. And to qualify for benefits, your disability must not only prevent you from performing any type of gainful employment, but it also must either last at least 12 months or be expected to result in death.

To determine how much disability insurance you need add up your necessary monthly expenses — such as housing, car loans, food, utilities, and child care — and then subtract any investment income. This is the amount you need to cover expenses in case of disability. Keep in mind an individual policy will pay benefits tax free as long as you pay premiums with after tax dollars.

Request a Disability Insurance Quote

Discounts Available

Since women are much more likely to become disabled than their male counterparts, their premiums are substantially higher by an average of 40%. Therefore, it is important to look for discounts, especially discounts with unisex rates. To obtain disability insurance discounts, companies typically require at least 2 or more people from the same employer apply for a policy. Finding a colleague can not only provide you with significant savings, but will help her protect her most valuable asset as well.

Protect your future and request a quote for disability insurance today!