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Disability Insurance

Getting By With A Little Help From

Are you worried about how you'll make ends meet if you become disabled? You're not alone. Living with a disability poses enough challenges without having to worry about finances. Unfortunately, many face lost wages and mounting medical bills when illness or injury strikes. The good news? There are options, like disability insurance in Akron, OH, designed to provide a safety net when you need it most. As independent insurance agents serving the Akron area, we at Carrington Financials are here to help you navigate your coverage options. We take pride in getting to know our clients and crafting customized solutions to provide peace of mind and financial security.

What is a Disability Insurance Agent?

A disability insurance agent helps you find the right disability insurance for you. Since we’re not tied to just one company, we can give you multiple options and help you choose the best one. We know all about different types of disabilities and can answer any questions you have.

At Carrington Financials, we’re your one-stop shop for everything you need to know about disability insurance or just insurance in general. Our services extend to auto, home, life insurance, and more. We’ll work with you one-on-one to ensure you get the necessary coverage.

What Is Disability Insurance?

Disability insurance provides income replacement if injury or illness prevents you from working. It helps safeguard your finances by paying a portion of your salary while you recover.

There are two main types of disability insurance in Akron, OH:

  • Short-term coverage replaces a percentage of your income for a temporary period of time (anywhere from 60 days to 1-2 years).
  • Long-term disability insurance kicks in if you cannot work after your short-term coverage ends. It pays benefits until you recover, retire, or reach the policy’s age limit (often age 65).

For many breadwinners, disability coverage is just as critical as life insurance. It is a financial safety net to keep you afloat in times of need.

How Does SDI Work in Ohio?

In Ohio, SDI is called Social Security Disability Insurance (SSDI). SSDI is a federal program that provides income for totally disabled individuals. To qualify, your disability must prevent you from working for at least one year. SSDI pays benefits until you reach retirement age or are no longer disabled.

There’s a list of illnesses and disabilities that qualify for SSDI. If you have one of these, you might be able to get benefits.

How does Long-term Disability Insurance Work in Ohio?

Long-term disability (LTD) insurance replaces 60% of monthly income (max $5k) if still disabled after short-term coverage ceases. Benefits continue until retirement age or recovery. You can use vacation time while on claim to supplement LTD income, but not sick days. Individual LTD plans may offer better coverage than group policies.

What Factors Affect the Cost of Disability Insurance?

Like other types of insurance, many factors determine your disability insurance premiums. Pricing is based on:

  • Age: Younger individuals generally pay less.

  • Gender: Statistically, women have more claims. They may pay slightly higher premiums.

  • Income replaced: The higher the percentage you aim to replace, the more expensive the policy. 60-70% income replacement is common.

  • Occupation: Jobs with greater injury risk and physical demands tend to pay higher premiums. They use an A-E classification system.

  • Smoking status: Smokers may pay up to 50% more than non-smokers due to increased health risks. Kicking the habit can reduce rates.

When shopping for disability coverage, these variables account for provider pricing differences. Working with an independent broker like us is useful to compare quotes apples-to-apples.

What are Disability Insurance Benefits?

Getting disability insurance in Akron, OH, is a smart way to protect yourself and your loved ones. Here are some of the benefits:

Financial Security

Having a portion of your income covered means you can focus on recovery rather than worrying about mounting bills.

Tax-Free

Under current IRS law, disability insurance benefits may not be considered taxable income. This means you pocket the full amount you receive.

Flexible Coverage

The best disability insurance plans adapt as your lifestyle and income change over the years. We can help you find coverage that grows with you.

How Carrington Financials Can Help?

As independent brokers, Carrington Financials provides unbiased guidance you can trust. We take the time to understand your unique situation—from budget to medical history and more. This enables us to make personalized plan recommendations designed to fit your needs and budget.

Our services also extend to Georgia, Texas, and Arizona, where we are fully licensed. In these states, we have built strong client relationships and gained valuable market insights.

We also aim to provide clients with financial literacy resources. We want to empower you to make informed insurance decisions that support your financial well-being for years to come. Education and customized support are cornerstones of our client experience.

Ready to review your disability insurance options? Reach out today to start a no-obligation conversation.