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 ?
The Knights of Columbus sells life insurance to its members and provides a wide range of insurance products, including annuities, disability-income insurance and long-term care insurance.
In addition to voluntary benefits, ING offers traditional group life insurance, disability-income insurance and stop-loss insurance products for employers.
Employers that do not offer disability-income insurance, which helps workers and their families pay living expenses while a wage earner is unable to work, cite high costs for such coverage as well as the belief that work activity does not indicate a high-enough disability risk.
Illinois Mutual, a disability-income insurance carrier, now has Art Berg as its new Disability Income Series 21 product spokesman.
Economic and demographic trends are fueling the sales of noncancelable individual disability-income insurance. A variety of forces are putting American workers' income at risk, leaving them with less ability than ever to tolerate disruptions in income.
As a result, after years of declining sales and negative profits, writers of noncancelable individual disability-income insurance hit the double digits in both profit margin and sales growth during 2001, according to an article in The Disability Newsletter, a Milliman USA publication.

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