Income Protection In Action

Donald Stein, 44 has a successful career as a lawyer and partner in a Manhattan Law firm. Recently he was diagnosed with intestinal cancer. His immediate concerns were for his health and financial security, which is important to him both in terms of support and as a source of self esteem. Don had to undergo two surgeries, chemotherapy, and radiation treatment. He also was submitted to an experimental drug treatment. Much of these procedures were performed in facilities out of state and usually left Don with an extended recovery period between treatments.

Don became concerned that his clients were not going to wait for him to recover and would seek counsel from another Law firm. Don's financial worries were eased by his Disability Income policy benefits. His case manager, Charles Hanover, provided practical support by handling benefits paperwork and physician contacts during Don’s leave from work. The benefits also provided payment for programs to help Don return to work as quickly as possible.

Throughout his therapies and recovery, Don remained determined to return to work as quickly as possible. "The company provided me the replacement of the income I needed to continue the lifestyle I was accustomed to. Without it I certainly would have depleted most, if not all of my assets. They also helped make my return to work possible. The support was above and beyond what I expected. I wanted my life back and I got it a lot more quickly than I would have ... I’m lucky."

Don is still under treatment but has had very good results with the experimental drugs. He is working part time at his firm and continues to receive benefits based on his loss of income under his policy.

Here are some key features of disability insurance:

1) Typically, policies will replace only a percentage of your lost income. However, benefits are generally received income-tax free.
2) Typical disability policies will pay a monthly benefit for a time period you select, depending on your needs and how much you can afford. The longer the benefit period, the more expensive the policy. Typical benefit periods are 1 year, 3 years, 5 years, to age 65 or lifetime.
3) Most disability policies come with a waiting or "elimination" period before benefits become payable. The shorter the waiting period, the more expensive the policy. For example, waiting periods may be 30 days, 60 days, 90 days, 180 days or one year.

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