Disability Insurance in Henrico VA | Old Dominion Investment & Retirement Advisors

Disability Insurance*

Disability Insurance is the only way we have to insure our most valuable asset... our ability to earn an income to support ourselves and our family. Disability is in fact the leading cause of mortgage foreclosures. We never know when a serious illness or injury will strike. During our working years, we are much more likely to suffer a disability that keeps us out of work for 90 days or longer, than we are to pass away.

There are a number of factors that affect the cost of Disability Insurance. These include your specific occupation, the length of time you are willing to wait (called the elimination period) before benefits start, the length of time that you want benefits to be payable for, and of course, the amount of benefits you want to be paid should you become disabled. In most cases, the insurance company will pay a maximum; between 60 and 70% of your predisability income should you become disabled. Structured properly, Disability Insurance benefits are paid to you--tax free.

When considering a Disability Insurance Policy, look at the insurer's "definition" of your occupation. You want the strongest definition possible and the longest definition of disabled as possible. Also, check to see whether the benefits payable to you are all "basic" benefit or made up of a mix of "basic" benefit and some type of "Social Security" rider. Having a blend will make the policy less expensive, but it is not always to your advantage. Also, make sure that the policy has some type of inflation rider and if possible a residual disability rider.

If you live in Richmond, Henrico County, Hanover County, Chesterfield County, Goochland County or Powhatan County and would like a Disability Insurance quote or more information on Disability Insurance, select the type of coverage you are interested in on the right or call us at (804) 741-4972. If you can't make it to one of our offices, we can come to your home or office.

*Offered through Old Dominion Insurance & Financial Services, Inc.