Mutual of Omaha Disability Income

Disability insurance can come in really handy for those people who have to take a sabbatical from work due to some form of illness, injury or other reasons. The proceeds derived from an MMO disability income plan could help cover a major portion of your monthly expenses. The proceeds can be derived from the plan until the investor is deemed disabled as per the terms of the contract. Expenses that include mortgage can be substantial on a monthly basis.

Hence in many ways an Mutual of Omaha disability income can be very beneficial for families in which an earning member has been incapacitated for a particular period of time. The coverage provides financial succor to the family and the proceeds from the plan could be used to address a major portion of the family’sexpenses, which could include- mortgage, groceries, fuel, student tuition and other costs. Many people consider it as a form of ‘paycheck protection’ for the investor if something untoward were to happen. 

The products plans that fall under this insurance are easily renewably as long as the investor keeps up his payments on his or her premiums. Renewals can be made until the age of 67. For business operating expense policies the age for renewals has been set at 65.

When is it a good time to buy Mutual of Omaha disability insurance?

The most ideal answer as to when to go in for a comprehensive disability plan would be is now. The quicker you adopt one of these products, the better protected you will be. And here are some reasons on why a disability coverage could be extremely beneficial.

Disability usually leads to loss of income for the investor. A disability plan would help the investor to meet the monthly and other lifestyle expenses. 

Injury or medical related disabilities could happen to any one and at any age.  Once the disability has occurred it would be too late to go in for a comprehensive insurance cover. 

Also the rate of Mutual of Omaha Disability Income premiums is highly dependent on the investor’s age during purchase. The older you get, the costlier the package becomes.

The choices that fall within Mutual of Omaha’s disability portfolio:

Accident Only short-term disability

This type of policy can come in handy if you become disabled for a short-term basis due to an accident. However this form of cover does not provide financial assistance, if the investor’s disability was caused due to sickness or by an already inherent medical condition. As a result the premiums for this kind of plan is generally quite lower compared to the rest.

  

Short-term disability

In this kind of policy the disabled can draw monthly benefits from the plan. The cause for the disability could either be medical or accident related. An appropriate package with required set of premiums can be chosen after going through the many specifics of the plan. The policy has to be chosen after considering factors like benefit period, elimination period and other riders that are a part of the plan.

  

Long-term disability

This kind of coverage offers much better coverage to the investor as he or she would be required to pay higher premiums for a longer period of time. The plan is also more customizable and comes with several riders that can be formulated to cater to your specific needs. The long term benefits that can be derived from this package are more comprehensive and substantial than short term based disability income products.

If the person has been diagnosed with a terminal form of illness, then it is possible to accelerate up to twelve months of benefits through the disability income plan.

Business operating expense

This is another crucial form of disability insurance that can help entrepreneurs and businessmen. When you run a business enterprise there are a lot of expenses that need to be factored in. These include – employee salaries, office rent, maintenance and stationery costs, taxes and other such expenses. As an entrepreneur even if you have adequate individual insurance, managing to all these costs to ensure that your business runs smoothly could be a challenging and overwhelming task if you were to become disabled for a particular period of time. A disability income insurance of this kind will help the entrepreneur to cater to all the business needs and provides financial protection to your company.

           

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