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DISABILITY
I've created a professional 7-minute video that illustrates the devastating consequences suffered by my family because I didn't “Check the Box!” on disability income - a mistake that cost me literally everything. My battle with cancer, epilepsy and a massive stroke was only the beginning.
INCOME, SSDI & LIFE SETTLEMENT
SPEAKER

Roger Sweaney

roger.sweaney@mac.com or 414.581.1908
Communicate the importance of disability income through insurance company’s, agents and brokers to help save lives of future clients.​​​​​​​
2018 Download Sweaney PDF Document

Insurance

Disability Insurance
Often called DI or disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work. For example the inability to focus or maintain composure as with psychological disorders or an injury, illness or condition that causes physical impairment or incapacity to work. It encompasses paid sick leave, short-term disability benefits, and long-term disability benefits.  Statistics show that in the US a disabling accident 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 before retirement.

Types of disability insurance
Traditional disability carriers have limitations on the monthly benefits, which limit benefits for high-income earners. Benefits typically cap at $20,000-$25,000 of monthly benefits.

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. Web-based disability insurance calculators assist in determining the disability insurance needed.

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.

National social insurance programs
In most developed countries, the single most important form of disability insurance is that provided by the national government for all citizens. For example, the UK's version is part of National Insurance; the U.S.'s version is Social Security (SS)—specifically, several parts of SS including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). These programs provide a floor beneath all other disability insurance. In other words, they are the safety net that catches everyone who was otherwise (a) uninsured or (b) underinsured. As such, they are large programs with many beneficiaries. The general theory of the benefit formula is that the benefit is enough to prevent abject poverty.

In addition to federally funded programs, there are five states which currently offer state-funded Disability Insurance programs. These programs are designed for short term disabilities only. The coverage amount is determined by the applicant's level of income over the previous 12 months. The states which currently fund disability insurance programs are California, New York, New Jersey, Rhode Island, and Hawaii.

Employer-supplied disability insurance
One of the most common reasons for disability is on-the-job injury, which explains why the second largest form of disability insurance is that provided by employers to cover their employees. There are several subtypes that may or may not be separate parts of the benefits package: workers' compensation and more general disability insurance policies.

Workers' compensation
Main article: Workers' compensation. Workers' compensation (also known by variations of that name, e.g., workman's comp, workmen's comp, worker's comp) offers payments to employees who are (usually temporarily, rarely permanently) unable to work because of a job-related injury. However, workers' compensationis in fact more than just income insurance, because it compensates for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (offering a form of life insurance). Workers compensation provides no coverage to those not working. Statistics 
have shown that the majority of disabilities occur while the injured person is not working and therefore
is not covered by workers' compensation.

Other
These policies offer payments to employees who are (usually temporarily, rarely permanently) unable to work because of any injury or illness, even if it is not job-related. Unlike workers' compensation, this coverage may not involve any aspect of health insurance, life insurance, or payments for pain and suffering. Similarly to most employer-supplied health insurance, these are open-market plans with the advantage of a negotiated group rate. That is, they are similar to what an individual would buy, but with a volume discount. They tend to offerbasiccoverage, because most employees are unwilling to pay more. Sometimes employees have the option to buy upgraded coverage.

Veterans' benefits
The compensation and insurances provided to military veterans by organizations such as the U.S. Department of Veterans Affairs (VA) are analogous to workers' compensation, with soldiers, sailors, airmen and marines taking the role of the worker. In both cases, the system involves multiple types of insurance
, and encompasses health insurance, disability income insurance, life insurance, and even mortgage insurance on VA mortgages. The scope of each of these is limited. For example, life insurance is limited only to paying (rather small) survivors' benefits to survivors of veterans killed in the course of service; it is not a general term life policy.