Group Voluntary Disability

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Have you insured your most valuable asset, your INCOME?

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Group Voluntary Disability

  1. 1. Paycheck protection at low group rates. Presented to you by Compensation Systems NW
  2. 2. What are the odds of becoming disabled? <ul><li>Each year, 12% of the U.S. population suffers a long-term disability.* </li></ul><ul><li>By age 35, you have a 50% chance of becoming disabled for 3 or more months.* </li></ul><ul><li>A 30-year-old male is 4 times more likely to be disabled and need disability insurance than to die and need life insurance.** </li></ul>Sources: * National Association of Insurance Commissioners ** JHA Disability Fact Book, 2006
  3. 3. A disability can be caused by... <ul><li>ILLNESS </li></ul><ul><li>PREGNANCY </li></ul><ul><li>CANCER </li></ul><ul><li>BACK DISORDERS </li></ul><ul><li>MENTAL DISORDERS (if hospital-confirmed) </li></ul><ul><li>An ACCIDENT or INJURY outside of work </li></ul>
  4. 4. <ul><li>64% of all disabilities are not work-related, and therefore are not covered by Workers’ Compensation. </li></ul>Source: National Safety Council
  5. 5. Consider... What is your biggest asset? Which of your assets would be most affected by a disability? <ul><li>It’s YOUR ABILITY TO EARN A PAYCHECK! </li></ul>
  6. 6. If you were disabled, how would you pay for your home? <ul><li>1 in every 2 home mortgage foreclosures are due to disability... not death. </li></ul><ul><li>Disabilities are 16 times more likely than death to cause foreclosure. </li></ul>Source: National Safety Council
  7. 7. <ul><li>54% of American workers with dependents report that they have done no specific planning for their – or a spouse’s – disability. </li></ul>Source: 2004 MetLife Benefits Trends
  8. 8. Financial Sources <ul><li>If you save 10% of your income each year, 1 year of disability could wipe out 10 years of savings. </li></ul><ul><li>Without income, will it be possible to borrow? If you borrow from family, can you pay them back? </li></ul><ul><li>Can one person be spouse, parent, private nurse and employee – all at one time? </li></ul><ul><li>You may have to sell assets under forced conditions at less than their market value. </li></ul><ul><li>Are you old enough? If so, is it enough? </li></ul><ul><li>Would you qualify? In addition: </li></ul><ul><ul><li>Social Security benefits don’t begin until the 6 th month of a disability. PLUS.... </li></ul></ul>The Problem <ul><li>Savings </li></ul><ul><li>Borrow </li></ul><ul><li>Spouse can work </li></ul><ul><li>Sell assets </li></ul><ul><li>Retirement income </li></ul><ul><li>Social Security benefits </li></ul>
  9. 9. Social Security Disability Claims <ul><li>Approximately two-thirds of those that apply for Social Security when disabled are rejected. </li></ul><ul><li>Only 20% of reconsiderations are approved. </li></ul><ul><li>The average wait for a reconsideration hearing is 17 months. </li></ul>Source: Online Lawyer Source
  10. 10. Under Social Security rules, you are disabled if: <ul><li>You cannot do work that you did before; </li></ul><ul><li>The Social Security Administration (SSA) decided that you cannot adjust to other work because of your condition(s); </li></ul><ul><li>and </li></ul><ul><li>Your disability has lasted or is expected to last for at least one year or to result in death. </li></ul>
  11. 11. The SSA clearly states: <ul><li>No benefits are payable for partial or short-term disability. </li></ul><ul><li>PLUS... </li></ul><ul><li>Your condition must be on the list of medical conditions the SSA allows. </li></ul>
  12. 12. <ul><li>GROUP VOLUNTARY DISABILTY INSURANCE </li></ul>There is an affordable solution to protect your paycheck!
  13. 13. A Voluntary Disability Plan provides... <ul><li>Tax-free claim benefits </li></ul><ul><li>Low age-rated group rates </li></ul><ul><li>Guaranteed acceptance </li></ul><ul><ul><li>during initial open enrollment </li></ul></ul><ul><ul><li>with 25% minimum participation </li></ul></ul><ul><li>Payroll deduction </li></ul>
  14. 14. <ul><li>Call Jeff Lucas at </li></ul><ul><li>503-542-4089 or email JeffL@CSNWINC.com </li></ul>Want more information? rev. SV 3-09 Content © 2004-2009 Zywave, Inc. All rights reserved.

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