Kerry Peabody Talks About The Long Term Care & Disability
July 1st Meeting
John Murphy introduced former Scarborough Rotarian, Kerry Peabody. The Long Term Care & Disability agent from Clark Insurance proceeded to give us a very entertaining and informative presentation.
He asked us: “What would happen if your pay check stopped? How would you maintain your lifestyle?” There is at least a six month waiting period for the SSDI benefit of $1,100.Of the 2.8 million workers who applied for SSDI in 2011, 65 % were denied. Less than 5% of disabling accidents and illnesses are work related, so 95% won’t be covered by workers compensation. Consequently, there is a need to consider disability insurance.
Disability income insurance can cover up to 60% of your salary. (You need an incentive to return to work and full salary.) However, individual policy benefits are not taxed as opposed to company group policy disability benefits.
Accidents only account for 10.6% of disability claims. However, musculoskeletal / connective tissue disorders account for 28.5%. Cancer accounted for 14.6% and injuries and poisoning accounted for 10.6% Medical problems contributed to 62% of all personal bankruptcies filed in2007 and half of all home foreclosure filings in 2006.
Kerry briefly discussed other types of insurance. The bottom line is that everyone has different circumstances. There are many types of insurance available that are at least worth considering.