Many Americans are financially prepared with life insurance, but do not have a plan in place in the event of disability. Disability can affect you financially whether married or single, a firm owner or an associate, a parent or not. While life insurance is very important, you should also be prepared for the possibility of a disability and its crippling financial repercussions.
A large number of people believe that Social Security or Workers’ Compensation will help them if they’re disabled. Unfortunately, Social Security disability benefits are limited. According to DisabilityCanHappen.org, the average monthly disability benefit paid is only $1,065 and more than 65% of SSDI claims were denied in 2009. Workers’ Compensation only pays if your disability was due to an accident that occurred while you were working—but according to the National Safety Council (Injury Facts, 2011 Edition), more than 73% of disabling accidents and illnesses aren’t work-related and nonfatal injuries affect millions of Americans. While unpleasant to discuss, these facts are ones not to be ignored.
Innocent little injuries and illnesses can knock someone off one’s feet for months. Big injuries may impact one’s health and ability to earn an income, potentially for years. From buying a home to putting kids through college—even saving for retirement and future dreams—everything can rest on the ability to earn an income.
It is important to have a “backup plan” in case of disability—which is why disability insurance is such a wise investment. With the extra financial help that disability coverage provides, you and your family can get through tough financial times until you recover.
Your ability to earn an income is one of the most important things in your life. Therefore the AIA Trust has endorsed affordable, quality disability insurance protection for AIA members. AIA members and firm employees are eligible to apply for:
- AIA Trust Group Disability Income Insurance Plan*
- AIA Trust Group Business Overhead Disability Insurance Plan*
- AIA Firm Disability Insurance Plan
Why Consider AIA Trust Group’s Disability Plans?
The AIA Trust, comprised of AIA members and a component executive working with independent experts, identifies opportunities and evaluates programs that offer the best possible value to AIA members and components. Through group buying power of over 80 thousand members, the AIA Trust endorses competitive plans with affordable rates and high monthly benefit amounts. The AIA Trust has worked with New York Life Insurance Company and Unum to create plans specifically for AIA members to help with tough financial times when a member is disabled due to illness or injury and unable to perform the duties of the profession of architecture. This offers a dependable financial safety net to help protect member earning power if disabled and unable to earn an income.
AIA Trust Group Disability Income Insurance Plan
This coverage helps to ensure day to day expenses are covered, such as the mortgage, groceries, and other essential expenses while recovering. With this plan, if a disability keeps you from working or earning an income, you can collect a selected disability monthly benefit amount of up to $6,000 (in $100 increments), depending on your income (not to exceed 60% of your average monthly income). Depending on your needs and financial plan, you can select between two disability plans: the Two-Year Plan and To Age 70 Plan.
AIA Trust Group Business Overhead Disability Insurance Plan
This plan is especially important for sole practitioners and single-professional firms. In addition, for those firms set up in a partnership, one’s portion of the ongoing expenses still continue whether or not one is working. This plan helps a member pay major office expenses like employee salaries, rent, business loans, utilities, professional membership fees, insurance premiums and other monthly business bills. If a firm owner becomes disabled, this plan would help enable the firm to continue running until the owner is able to return to work because it provides up to $10,000 per month to help pay business expenses under a covered disability.
AIA Trust Firm Long-Term Disability Insurance Plan
An important part of retaining valuable employees is helping them secure protection against the financial risks and uncertainty that surrounds disability. This plan helps attract and retain the best people by offering a high level of benefits at competitive group rates. Considering the cost of lost wages due to long term illness or injury, employees will value having disability coverage. With this plan, a firm can secure coverage for all of its employees that can pay up to 60% of gross monthly income up to $6,000 per month. Each employee is guaranteed acceptance and no medical exams are required. The firm pays an affordable group rate to cover all its employees.
Not all disabilities are long term and often one suffers from illnesses or injuries that temporarily prevent working but likely still have financial consequences. While recovering, it is best to know you are covered—and will receive benefits if you are out of work due to an injury or illness for at least 30 days.
What If It’s Not the Right Plan?
The AIA Trust Group Disability Insurance Plans offer a money-back guarantee if you change your mind about coverage in the first 30 days. Just return the Certificate of Insurance without claim and your premium will be promptly refunded.
For detailed information on all of the AIA Trust Group Disability Insurance Plans, you may call toll-free 1-877-801-3727 or visit the AIA Trust website.
* The AIA Trust Group Disability Income Insurance Plan (Group Policy G-29059-4) and Group Business Overhead Disability Insurance Plan (Group Policy G-29059-2) are underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
The AIA Trust Firm Disability Insurance Plan is underwritten by Unum. All benefits are subject to the terms and conditions of this policy.