Disability income insurance

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Disability income insurance

An insurance policy that insures a worker in the event of an occupational mishap resulting in disability. Insurance benefits compensate the injured worker for lost pay.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Disability Income Insurance

In the United States, a program, run by the Social Security Administration, that provides for the lost income of individuals who become disabled for an extended period of time. Persons who have paid enough of the FICA tax for a long enough period of time are eligible for Social Security Disability Income Insurance. Payments begin at the start of the sixth month of a person's disability. The amount of the benefit varies according to a number of factors.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
As with disability income insurance, definitions of disability vary widely, from inability to engage in one's "own occupation," to inability to perform the duties of "any other occupation" for which one is reasonably suited.
Since long-term care coverage is a newer coverage than health insurance and disability income insurance, it is offered by fewer employers.
"It is dear from these findings that employer awareness of the features and benefits of disability income insurance is lacking.
* to identify the unique characteristics and risks involved with individual disability income insurance
This is a type of disability income insurance that protects the small business owner if the business has to be closed as a result of disability.
Clients need to know that disability income insurance is important because it provides income replacement to continue paying bills and everyday living expenses if a person becomes too sick or injured to work.
When comparing individual disability income insurance policies, keep the following in mind:
Larry Schneider clearly loves disability income insurance. This book is a compilation of his columns in Broker World, sales ideas (including back-of-napkin thoughts), disability split-dollar thoughts and more.
Its decision to leave the market was made after an extensive review of the business and decided to focus on its core life and disability income insurance business, he said.
Today, the disability income insurance market is concentrated in a handful of companies that write most of the business.
Symetra's four operating segments are group, which includes medical stop-loss insurance and group life, accidental death and dismemberment and disability income insurance to employers; retirement services, which includes fixed and variable deferred annuities and group annuities to various qualified retirement plans; income annuities; and individual, which includes term, universal and variable life insurance.
Business overhead expense insurance is intended to help maintain the business; it is not intended to replace disability income insurance (see chart, page 259) or disability buy-out insurance (see discussion, page 403).

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