Disability Insurance Concerns

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Below are common disability insurance concerns and questions.

What is COLA?

While you may automatically assume that COLA stands for the popular soft drink, it actually is referring to "Cost of Living Adjustment." This generally means that disability insurance benefits that are paid directly to you will increase if your cost of living also advances. Let's face it - it seems that as we age, the ability to live in a nice home is less feasible. Prices increase and thus it makes it more difficult to do so. This is why COLA is available as an option. While it may cost more in the beginning, it will assure you that you will not end up in a tight situation.

What if I am disabled and can only work part time?

Have no fear - many people find themselves in this type of situation. For this reason, there is a policy that is normally referred to as "partial disability." This allows you to work part time, until you are strong enough to go back to your normal hours. Fortunately, this policy will allow you to receive minimum benefits. The majority of companies enjoy this idea because it reduces the overall risk. They will easily have you back at work in no time, as long as you are able to do so at a slow pace.

What is Waiver of Premium?

If you end up in a serious accident and become disabled, you do not have to pay a premium on any disability insurance after the initial 90-day period. This is surprisingly generous, as most people just don't have the money to pay the premium costs when they are out of work. This policy is a wonderful benefit, as it allows you to completely avoid the situation if it were to happen to you.