Disability Insurance in Granada Hills, CA
In Granada Hills, CA, Disability Insurance and Long Term Disability Insurance provide workers with a safety net to protect them from the risks associated with disabilities that hinder their ability to work. These insurance policies provide an income stream to help the disabled workers maintain their quality of life and meet their expenses.
Disability Insurance and Long Term Disability Insurance provide more comprehensive coverage than workers' compensation insurance. The former policies provide income replacement benefits that cover not only work-related disabilities but also any other disability that hinders the worker's ability to earn an income. In addition, these policies usually provide coverage for a longer period than workers' compensation insurance, which only covers the employee for a limited period.
At our agency in Granada Hills, CA, we understand the importance of Disability Insurance and Long Term Disability Insurance. We work with our clients to help them understand their options and make informed decisions based on their unique situations. Our goal is to ensure that our clients have the right coverage to protect themselves and their families in the event of a disability.
Types of Disability Insurance
Individual Disability Insurance - Those whose employers do not provide benefits, and self-employed individuals who desire disability coverage, may purchase policies. Premiums and available benefits for individual coverage vary considerably between companies, occupations, states and countries. In general, premiums are higher for policies that provide more monthly benefits, offer benefits for longer periods of time, and start payments of benefits more quickly following a disability claim. Premiums also tend to be higher for policies that define disability in broader terms, meaning the policy would pay benefits in a wider variety of circumstances.
High-limit Disability Insurance - High-limit disability insurance is designed to keep individual disability benefits at 65% of income regardless of income level. Coverage is typically issued supplemental to standard coverage. With high-limit disability insurance, benefits can be anywhere from an additional $2,000 to $100,000 per month. Single policy issue and participation (individual or group long-term disability) coverage has gone up to $30,000 with some companies.
Key-person Disability Insurance - Key Person Disability Insurance provides benefits to protect a company from financial hardship that may result from the loss of a key employee due to disability. The company can use the benefits to hire a temporary employee should the disabled employee's disability appear to be short-term. In the case of permanent disability, benefits are used to help defray costs related to hiring a replacement, including recruitment, training, startup, loss in revenue and unfunded salary continuation costs.
Business Overhead Expense Disability Insurance - Business Overhead Expense (BOE) coverage reimburses a business for overhead expenses should the owner experience a disability. Eligible benefits include: rent or mortgage payments, utilities, leasing costs, laundry/maintenance, accounting/billing and collection service fees, business insurance premiums, employee salaries, employee benefits, property tax, and other regular monthly expenses.
Contact us to learn more about the disability insurance coverage for you.
17425 Chatsworth Street #104
Granada Hills, CA 91344
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