top of page

Business Preservation Planning | Disability Income Strategies

Disability Income Strategies

Business Preservation Planning | Disability Income Strategies

There are several types of disability insurance — some provided by your employer, some you purchase independently — and they all offer slightly different coverage and benefits for different situations. 


The two main types of disability insurance are long- and short-term policies. Both replace a portion of your monthly base salary up to a cap, such as $10,000, during disability. Some long-term policies pay for additional services, such as training to return to the workforce²¹.


The main difference between own occupation and standard disability insurance is the definition of disability. Under the Regular Occupation definition, physicians or dentists will be considered totally disabled if they’ve limited their practice to a single, recognized specialty and can’t perform that specialty.


However, by adding the Own Occupation Rider to a policy, they’ll be able to work in another occupation or specialty and still collect benefits. Compared to “any occupation” disability plans, it’s easier to get disability insurance benefits under an own occupation plan since you only have to show that you’re unable to perform the substantial duties of your specific occupation. You also may be able to perform simpler or lighter work and still get the benefits you need12.




(1) Types of Disability Insurance - Policygenius. https://www.policygenius.com/disability-insurance/types-of-disability-insurance/. (2) Disability Insurance: Why You Need It - NerdWallet. https://www.nerdwallet.com/article/insurance/disability-insurance-explained. (3) What is disability insurance? – USA TODAY Blueprint. https://www.usatoday.com/money/blueprint/health-insurance/disability-insurance/.

(4) Disability Benefits | SSA. https://www.ssa.gov/benefits/disability/. (5) SSDI and SSI benefits for people with disabilities | USAGov. https://www.usa.gov/social-security-disability.

Guide Download 

Business Preservation Planning | Disability Income Strategies

Thanks for submitting!

McIntosh Insurance & Financial Services

Hubert

McIntosh

 McIntosh Insurance & Financial Services
FB.png
Twitter.png
LinkedIn.png
YouTube.png

General Agent, Owner & President

1555 Palm Beach Lakes Blvd Suite 400, West Palm Beach, FL 33401

561-934-8845

Resident State License #

FL - W175094

Licensed States

AZ, FL, GA, NC, NV

By providing information, a Licensed Agent/Advisor May Contact You.  
Any voluntarily submitted or collected information is used solely for the purpose of insurance underwriting and price quotes 
and not sold or used for any other marketing or solicitation purpose.

Not affiliated with CMS, Medicare or any other federal and state agency. Content on this site is not intended to provide legal, accounting or tax advice.

Consult your legal, tax accountant, financial and insurance professional for more advice.

 

Adaptive Marketing Group, LLC  COPYRIGHT © 2019-2023*  321-327-9049
bottom of page