The following information will help answer some general questions you may have about disability income insurance (DI).
What is DI?
DI insures one of your most valuable assets – your ability to earn an income. If you become sick or hurt and totally disabled, DI can provide income to help pay your living expenses such as mortgage, utilities, groceries, car payment, etc. and help maintain your standard of living.
Why do I need DI?
If you rely on your ability to work and earn a paycheck, then you need DI. Think about it this way: What if the last paycheck you received was your last paycheck? How would you continue to meet your financial obligations if you became sick or hurt and totally disabled? Do you also have family members who rely on your income stream? How would you support them if you were suddenly unable to earn a paycheck? Acting now to protect your income is financially advantageous to you. The younger and healthier you are, the more likely you are to pay lower premiums and face fewer exclusions to your policy – such as limitations based on material health issues. If you wait to apply for DI and end up experiencing negative health changes, you may not qualify for a policy in the future. You probably insure your other assets like your house and your car. Can you afford not to insure one of your most valuable assets – your ability to earn an income?
How is DI different from health insurance?
DI provides an income to help pay your monthly expenses – such as mortgage, utilities, groceries, car payment – when you become totally disabled and cannot work. Health insurance typically pays costs associated with doctors, nurses, hospital stays and other medical expenses, but it does not pay you, and it does not cover your household expenses.
How much DI coverage do I need?
Determining how much coverage you need does not have to be difficult. Start by adding up the costs of your most basic monthly expenses – your mortgage, utilities and groceries. Then, add any outstanding debts and other expenses you may have to this initial total. The result is an estimate of what you would need to maintain your current standard of living if something should happen to you. Click here for a DI calculator to estimate your need.
What types of DI products does Illinois Mutual offer?
We offer a variety of plans and options to address your different needs.
Personal Paycheck PowerSM
Business Expense PowerSM
Return of Premium Rider
Guaranteed Insurability Option Rider
Activities of Daily Living Rider
Retroactive Injury Benefit Rider
How much does DI cost?
Typically, premiums are 1-3% of your income. However, the cost of DI depends on several variables, including (but not limited to) your age, current occupation and the amount of coverage you want. Use our Get a Quote web tool to determine your cost for DI coverage.
What is an “elimination period”?
An elimination period is the number of continuous days you must be totally or partially disabled before your disability income insurance benefits begin to accrue or become payable. Elimination periods are offered at various lengths depending on your needs and typically range from 30 to 180 days.
Should my spouse have DI?
Yes. Today, many families depend on two incomes. The loss of one income could be financially devastating. Even if you are not a two-income household, stay-at-home spouses need DI, too. If your stay-at-home spouse became sick or hurt and totally disabled, could you afford to pay someone to help with childcare, transportation, cleaning, cooking and other household responsibilities? With the appropriate amount of DI, your family can afford to make the choices that will best preserve its quality of life.
Why should I choose Illinois Mutual for DI coverage?
Illinois Mutual offers competitive individual, business expense and workplace DI policies. With our flexible plan designs, you can customize a policy that will meet your needs and your budget. Beyond our products, Illinois Mutual has a strong history of proven stability. During our more than 100 years in business, we’ve maintained a commitment to providing our policyowners with quality service. Find out what some of our policyowners are saying about Illinois Mutual.