NJ Disability Insurance

Understanding Disability Insurance

Disability Insurance is designed to replace income lost when you can no longer work due to an accident or injury. Some employers carry this type of insurance as an employee benefit, but depending on the work you do or the dangers you are exposed to, you may want to consider buying a disability policy.

There are two types of Disability Insurance:


Short Term - Provides benefits for up to two years.
Long Term - Designed to provide benefits for at least five years, until age 65 or for a lifetime.

Like Health Insurance, Disability Insurance is provided in terms of group or individual policies. Group plans usually pay a fixed total amount at about 60 percent of original income and are sometimes integrated with Social Security benefits. Supplemental plans can boost that percentage up to 70% or 80%.

Individual policies vary widely in form and can be customized to your specific need. Your iQuote local insurance expert will be able to design a policy that meets your needs.

Evaluating Your Disability Insurance
The first thing you should consider when it comes to Disability Insurance, unless you are self employed or unemployed, is what kind of coverage your employer provides you, if any. This information should have been provided to you when you started working for your company. Descriptions of the benefit are usually divided out into short term and long term disability options that you may contribute to out of your paychecks. Since these are usually set up as group plans, they are usually offered at a discount.

Once you know how much coverage you have, or are eligible for, you can consider supplemental coverage to boost any payment you will receive in the unfortunate event you are injured and cannot work.

Your iQuote local NJ insurance Agent can help you purchase any coverage you decide is right for you and your family.

Disability Insurance FAQ
What is Disability Insurance?
Disability Insurance is designed to provide you and your family with money to cover any lost income you may encounter in the event you are injured and cannot work anymore.

Short Term Disability provides payments for at most about two years.
Long Term Disability provides payments for virtually any extended period longer than five years.
Who needs Disability Insurance?
The head of the household is usually at the highest risk for loss of family income due to an accident or injury.

Group or Individual – What is the difference?
Group insurance is a policy that allows many people to participate, such as one designed as an employment benefit. With multiple participants, it is possible to get a discounted rate. Individual plans are designed for the self-employed or other independent people. Individual supplemental policies are also available to boost the benefit of a basic policy. See a more detailed explanation under Understanding Disability Insurance.

How much does it cost?
Plans vary significantly based on annual income, employer and a variety of other factors, but you should expect to pay up to about 3% for a fully-funded policy.

What makes Disability Insurance through iQuote different?
iQuote connects you with the right agent and the Disability Insurance you need. Answer just a few short questions including how much you want to pay and we hand pick a local insurance expert who will contact you directly by phone, email or mail depending on your choice. We protect your information so you won't be contacted by every agent in the business. You'll hear from one New Jersey Insurance expert who knows you and your area.

Go to www.iQuoteNetwork.com to find your NJ Insurance Agent today!