South Florida Disability Insurance
Corporate Financial is your go-to provider of insurance in Miami, as well as the greater South Florida area. It is our goal to provide businesses and individuals of all occupations and walks of life with the ability to rest easy knowing that they are covered. Whether you are looking for business insurance, personal insurance, or are an employer that is looking for competitive employee benefit solutions, we are happy to help you seek out, and enroll in, the best possible coverage for your unique situation.
While there are a number of different insurance coverages ranging from general liability to homeowners insurance to life insurance, there is one type of coverage that we believe that everyone should have — disability insurance.
Developing a disability is something that nobody plans for — but it happens — and it is important to be prepared in the case that it does. Whether you own a business or practice, or if you simply work for one, an injury or disability can force your absence from work, causing you unrest and financial uncertainties.
The Importance Of Planning Ahead
In order to be properly protected by your disability insurance policy, it is important to thoroughly research the policy, consulting a team of professionals such as ours here at Corporate Financial. Our team of disability insurance experts will help you understand a disability income policy in its entirety before you choose to enroll yourself, your business, or your employees in the policy. But what are some things that you should understand about the disability income policy that you enroll in?
The Benefit Amount
The first thing that you should research when enrolling in a disability income plan is the monetary benefit that the plan will provide you or your employees while they are disabled or unable to work. It is important to pick a plan that provides enough money so that you or your employee will not be financially restricted during their recovery. Planing ahead now can drastically effect your leave from work later.
The Elimination Period
All too often people assume that they have enrolled themselves or their business in an adequate plan until someone becomes hurt and they realize that their policy elimination period is not beneficial. An elimination period is the amount of time that it takes before the policy benefits kick in, and too lengthy of an elimination period can prove to be detrimental to the disabled or injured policyholder. Oftent times elimination periods are listed in the fine print. consult with a Miami insurance professional to find a plan that won’t blindside you.
The Benefit Period Length
In addition to the elimination period, a person or business must consider the length of a policy’s benefit period before enrolling themselves, or their business in the plan. If the length of the benefit period is too short, it could potentially not provide the policyholder with the adequate financial support that is needed. Some plans ahave benefit periods that are shorter than you’d think. Dont find yourself still in recovery when your benefits stop.
The Flexibility Of The Policy
In some cases, people may become injured while working, resulting in a permanent injury that keeps them from working at their full capacity ever again. Some disability income policies can accommodate permanent partial disabilities, while others cannot.
In addition to policies being flexible in the sense of the amount of coverage that they provide, it is also important that the policy can cover sporadic relapses in disabilities. It is not uncommon for people to relapse in their injuries or disabilities, as if someone is hurt, they are more likely to become hurt once again. Working with an experienced disability income specialist, you can ensure that you enroll yourself, or your company, for an adequate policy.
Cost Of Living/Additional Coverages
In addition to being flexible, it is important for you to enroll your business, or yourself, in a plan that can adjust itself to match the fluctuating cost of living. Additionally, it is important that a plan allows the affected person to purchase additional coverage as their time on disability progresses.
When working with Corporate Financial, you and your organization can rest easy knowing that only the best disability income insurance policies will be explored, allowing for your company to choose the best individual disability insurance, business owner disability insurance, group disability, or supplemental individual disability insurance policies to offer. Below, we have outlined some of the more common disabiluity insurances that we offer here in Miami and the greater South Florida area.
Individual Disability Insurance
At Corporate Financial, we see disability insurance as something that everyone should have. Why is it so beneficial? Say that you are sick to the point that you miss multiple days of work. Not only do you feel crummy, but you can also expect to not make any money! Individual disability insurance can be used to supplement the income that you had to forgo while you were sick. Additionally, individual disability insurance can be used to supplement any long-term disability policies that are offered to you through your employer.
Income replacement aside, what are the benefits?
- Can recover retirement contributions and missed payments
- Post-tax payments for coverage result in tax-free benefit payments
- Your policy is yours! It sticks with you wherever you are employed!
How do you know if individual disability insurance is right for you?
Like most people, you probably rely on your income, and maybe your family does too. Disability insurance can protect you from losing money when you become sick or injured — beyond they minimal protections that your employer might provide you with. Lastly, you might not have a job that provides you with disability income insurance, meaning you aren’t protected at all. If your employer does not provide you with comprehensivem or group disability insurance, we urge that you consult us to pick an individual plan for yourself.
Disability Insurance For Business Owners
As a business owner, you are the lifeblood of its day-to-day operations. You are responsible for more than just owning the business, you have to make sure it runs correctly as well. Because of this, it impacts you twice as much if you are unable to work, making it incredibly important for you to have a disability insurance policy that can cover the financial losses that you may experience. At Corporate Financial, we can help you to find the perfect disability insurance policy for your unique situation as a business owner.
What are the benefits?
- Financial support allowing your business to still meet its goals while you recover
- Allows you to offer a buyout to an injured business partner
- Allows you to continue to pay bills and loans while recovering
How do you know that business owner disability insurance is right for you?
Do you own a business? Then this disability insurance policy is right for you. Disability insurance for business owners is an important part of responsibly managing your business — putting in place protecting measures for if you are to become sick or injured. Let us help you find the perfect policy today!
Group Disability Insurance
Group disability insurance is a type of disability insurance that an employer offers to their employees if they are sick or disabled, preventing them from coming to work. What makes this different than individual disability insurance? Well, to put it simply, this form of disability insurance is meant to cover your most basic disability income insurance needs, allowing for you to make the decision of if you want full coverage or not.
What are the benefits of group disability insurance?
Group disability insurance is your employer’s way of protecting you in the case that you become sick or injured. While it is not as comprehensive as other insurance policies, it can protect 40-60 percent of your salary after taxes if you cannot work?
How do you know that this plan is correct for you?
Luckily, you don’t have to. This is a plan that is provided to you by your employer. There is, however, another choice you have to make — do you want the most basic coverage, or do you want to supplement your group disability insurance with individual disability insurance? Let Corporate Financial help you choose the best course of action today!
Supplemental Individual Disability Income Insurance
Supplemental disability insurance is a policy that is built with the intent of adding to, and strengthening, an existing insurance policy. Individual supplemental disability insurance is most commonly used by people who wish to increase their disability and illness protection even further than the disability insurance offered by their employer. As an employer, it is important to at least offer supplemental disability insurance in case your employees wish to have more than 40-60 percent of their post-tax salary protected — as it would if they only used their group disability insurance.
What are some of the benefits of supplemental disability insurance?
- Protects a larger portion of your salary if you are to become injured or disabled
- You own the policy. If you leave your employer the policy, and its protection, will follow you.
- Medical exams are not required
- Fast, effective, and easy to set up
How do you know that supplemental disability insurance is right for you?
It might seem like a difficult decision when you consider enrolling in an individual supplemental insurance policy, but in reality, the decision is quite easy. Does your employer offer you with group disability insurance? If they do, do you consider it to be safe enough in the event that you become sick or injured to the point that you cannot work? If you are satisfied, do not enroll in supplemental disability insurance. Do you wish that you had better disability insurance? Then enroll in supplemental disability insurance. If you are still unsure, simply contact us at Corporate Financial and allow one of our experienced insurance professionals to assist you in deciding the most beneficial plan for you!
Disability Insurance For Physicians
Physicians, much like business owners, are not the first occupation that you might think of when discussing disability insurance. That being said, it can be quite beneficial for them. Just like other people, physicians can become sick or injured too — and when they do, they too may need money to supplement their income. Disability insurance for physicians is meant to provide medical professionals with a more stable, and secure, income.
What are the benefits?
- Provides a source of income while disabled or sick
- Allows for loan and bill payment while unable to work
- Allows coverage for partial, or limiting disabilities
- Finances can be paid in a lump sum
- Flexible coverage that can be tweaked to meet salary changes
How do you know if physician disability insurance is right for you?
Well, as you may have already figured out, you must be a physician to qualify for this disability insurance policy. In addition to being a physician, this plan is perfect for you if you want to protect your income and salary, even in the event that you become sick or injured. If you are unsure of if this plan would benefit you, contact us today to speak with one of our Miami insurance experts.
Regardless Of The Disability Insurance Type, Come To Corporate Financial
Corporate Financial is your local Miami disability insurance provider, and it is our goal to provide physicians, employees, business owners, and individuals with disability insurance that allows them to feel safe knowing that they will not have any financial limitations if they are injured, or sick, for an extended amount of time.
Whether you are a local Miami business or an individual who wishes to supplement the disability insurance and income protection coverage provided to you by your employer, look no further than Corporate Financial. For almost three decades, Corporate Financial has been providing Miami and the greater South Florida area with protection that performs so that you can live life without limits.
Contact us today and let us help you find a disability insurance policy that fits your unique needs. We look forward to hearing from you.