What is Disability Insurance?Disability Insurance DI or disability income insurance is financial protection for the unexpected illness, disease or medical injury which results in the inability of an individual or employee to perform the duties of the job one was trained for in order to continue to work and earn an income or living wage.
For example, the worker may suffer an injury due to an accident, illness or disease that leads to a physical impairment or the inability to work. The benefits of a sound DI plan of insurance often includes paid sick leave, short-term disability benefits (STD), and long-term disability benefits (LTD). In the US, statistics indicate that a disabling event occurs on average once every second. In fact, Nearly 18.5% of Americans are currently living with a Disability, and 1 out of every 4 persons in the US workforce will suffer a disabling injury prior to retirement. Types of Disability InsuranceDI Individual Disability Insurance - Available for any self-employed individual or employee whose employer does not provide benefits may purchase DI insurance protection. The DI coverage features and premium cost for the selected disability income insurance benefits available often differ between insurance companies and states of residence. Other factors that determine the premium cost of a DI insurance plan are age, one's occupation, the $$ monthly benefit, status of one's health, waiting period and the time period for income benefits that are paid to a disabled individual. In general, premiums are higher for policies that provide more $$ monthly benefits, offer benefits for longer periods of time, and start payments of benefits more quickly following a disability event. Additionally, DI insurance premiums tend to be greater for policies that provide a broad definition of disability.
Key-person Disability Insurance - Key Person Disability Income Insurance provides financial benefits that may result from the loss of a key employee due to disability, which causes a financial hardship upon the business. 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) DI Income Insurance affords protection to a business to reimburse the business for the overhead expenses that result from the disability of the business owner. Business expenses that qualify for reimbursement might include: rent or mortgage payments, utilities, leasing costs, laundry/maintenance, accounting/billing & collection service fees, business insurance premiums, employee salaries, employee benefits, property taxes and other continuing monthly business expenses. Please Contact us to schedule a conversation with a financial advisor who will listen to your financial objectives and needs for your household or small business, securing certainty for you against the risks of financial harm to a loved one, your family or a key person in your business. |
We are licensed in PA, NJ, DE, MD & NY
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Contact UsThe Miller Financial Group
550 Norristown Rd PO Box 506 Spring House, PA 19477 (215) 646-0550 Click Here to Email Us |
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The Miller Financial Group is an independent insurance agency located in Spring House, PA. Our passion is to be advocates for individuals, households, businesses and the public sector and provide insurance and financial solutions that reduce risk and uncertainty. Managing risk and uncertainty demands an understanding of "how to" control and/or finance the possibility of direct and/or consequential "costs of financial loss" inherent in the lives of people, households, private business and the public sector. Emanating from the financial risks and uncertainty associated with human life, the ownership and use of property, negligent actions that cause harm to others, and the resulting consequential loss of income are all possible outcomes that are best managed with the purchase of a sound and affordable plan of insurance protection.
We are appreciative of your visit and inquiry to our agency’s website. It is not our intention to provide you with an immediate solution or offer of insurance but offer our visitors the opportunity to explore the potential cost & underwriting considerations for various household and small business insurance products and other financial solutions.
Upon the conclusion of your visit and inquiry about our agency, we are suggesting that you contact us and request a contact from one of our licensed insurance agents. We would be thrilled to begin a conversation with you to answer your questions and discuss the possible next steps in developing a sound plan that will protect your household or business against the risks of a potential financial loss due to a covered peril and resulting in the loss of human life, injury to workers, damage to your property, home, automobile, business, and financial harm as a result of death, disability, a long term care event or the prospects of outliving your income during your retirement years.
The Miller Financial Group does not guarantee that our agency will be successful with a favorable offer and solution. We will do our best to “listen and better understand” what is your objective and financial need, and take the best course of action that will lead you to the most cost effective and sound insurance and financial plan of protection.
We are appreciative of your visit and inquiry to our agency’s website. It is not our intention to provide you with an immediate solution or offer of insurance but offer our visitors the opportunity to explore the potential cost & underwriting considerations for various household and small business insurance products and other financial solutions.
Upon the conclusion of your visit and inquiry about our agency, we are suggesting that you contact us and request a contact from one of our licensed insurance agents. We would be thrilled to begin a conversation with you to answer your questions and discuss the possible next steps in developing a sound plan that will protect your household or business against the risks of a potential financial loss due to a covered peril and resulting in the loss of human life, injury to workers, damage to your property, home, automobile, business, and financial harm as a result of death, disability, a long term care event or the prospects of outliving your income during your retirement years.
The Miller Financial Group does not guarantee that our agency will be successful with a favorable offer and solution. We will do our best to “listen and better understand” what is your objective and financial need, and take the best course of action that will lead you to the most cost effective and sound insurance and financial plan of protection.
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