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How do you get Disability Insurance?

Video Transcript:

Hey, y'all, this is Ben green. Of course, we're here to optimize your career, your location, your finances, and today have gotten a lot of questions around disability insurance in the last couple of weeks. So of course, want to just quickly explain what it is it is paycheck protection, it's paycheck protection. So if you cannot work again, or if you cannot work for a certain period of time, let's say, 90 days, for example, disability insurance can kick in and pay you to not work basically, for that period of time. If you have a longer illness, for example, if you have a five year injury that you can, that does not allow you to go back to work. Long Term Disability Insurance can kick in and pay for five years, can pay for 10 years, it can pay for up to 40 years, you can pay until you're 65 years old, if you have long term disability insurance. Okay, so that's what Disability Insurance is it is paycheck protection. And super important. That's what it is. How do you get it? How do you get it, if you are employed with an employer that offers either short term disability or long term disability insurance, then you should probably go ahead and get it through them, actually, especially if that disability insurance is portable, meaning you can take it with you, if you leave the company, if you leave the nonprofit organization, if you leave that government department, okay, so if you can get it through your employer, sometimes it can be advisable to go ahead and just get it through them. Because it's going to be probably as cheap as you can possibly get. If you're self employed, if you're an entrepreneur, or if you just want to have it on your own, you do not want to be really kind of tied to the whims of an employer, okay, you can go you can go out and get short term disability insurance on your own through a licensed broker, like myself, you get and then if you want to get Long Term Disability Insurance, which I have, you can actually go out through a licensed insurance agent, licensed insurance broker, hopefully an independent one that can take a look at different rates from all types of different companies and get Long Term Disability Insurance. And basically, you have to put in the application, of course, you normally have to answer a few telephone questions around you know, around while you're getting the insurance. And then they're going to do a paramedic exam, which means they're going to take your blood, your urine, you're going to check your heart rate, all that good stuff, check your check your medical, you know, medical bureau information records, they'll check your driver's records, all that stuff to make sure that you are qualified to get the long term disability insurance, okay, so that's, that's how you get it, it's normally about a four to eight week process, because the company, if something happens to you, and you are approved for long term disability, the company is on the hook, they are on the hook for maybe 30 to 35 years, all right, at maybe, you know, 567 $1,000 per month, typically you can get paid about 66% of whatever you were making, all right up to a certain level of income. So, you know, if you're making $100,000, the company who insures you on Long Term Disability side, they may have to pay you $6,000 a month, 60 $600 a month for life up until age 65 when you hit so security, so it's a big commitment on their end. And that's why they want to make sure you're healthy enough to qualify, basically. So that if something does happen, they you know, they were they were able to make sure you're qualified and, and be able to give you long term disability or even the short term disability insurance. So do I recommend that you get disability insurance? Absolutely, yes, especially for long term disability. Hopefully, on the short term disability side, you have three to six months in income saved up for kind of a rainy day fund. So if something bad happens, you can weather that storm with real long term disability, you know, being out of work for two years or for 10 years, for example, there are not a lot of people that have the the capacity, the savings, the businesses to be able to withstand that. And so that's why I have Long Term Disability Insurance even though you know, I have other forms of passive and kind of, not so not so not so aggressively or not so time consuming income. So that's it for today. Disability Insurance. Please get it if you can, if it's affordable, hit me up on YouTube, really appreciate all the subscriptions that have come in and if you have any other questions, please let us know. Thank you

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