How much income protection insurance is recommended?
We suggest that you purchase a policy that will replace at least 60% of your
current gross annual income (after business expenses). Because the policy is
paid for with after-tax dollars and the benefits are tax-free when you receive
them, you actually replace close to 85% of your take-home pay.
What is the definition of disability?
You are considered disabled if you cannot perform the duties of your own
occupation. These plans are designed for psychologists by psychologists who
understand your profession.
Who provides the coverage?
Liberty Mutual, the country’s largest insurer of workers’ compensation,
provides the coverage for this plan. Liberty Mutual is an A.M. Best A+ rated
insurer and has covered APA members for over 40 years.
What does this coverage cost?
The Premium Calculator reflects the annual rates for each age group. To inquire
on individual custom quotes or to receive more information, you can call The
Trust at 1-800-477-1200 or the plan administrator (Liberty Mutual) at
1-800-210-0268, ext. 36343 for last names A-G, ext. 36390 for last names H-O,
and ext. 36392 for last names N-Z.
How do I qualify for the plan?
All you need to do to be eligible for coverage is to demonstrate your good
health by completing an Application for Group Income Protection. Once you’re
insured with us, you will never have to prove your insurability again. You can
even increase your benefit up to 10% each year without having to answer any
health-related questions.
Which waiting period should I choose?
You should select a waiting period to coincide with the expiration of savings or
short-term disability payments. The plan becomes less expensive when you
postpone the payment of benefits for as long as possible.
What happens if I have another disability policy in addition to this
one?
The monthly amount paid to you by The Trust is reduced by disability
benefits you receive under any state or federal program and social security
benefits you receive. The plan does not reduce benefits for other disability
benefit paid to you; however, your total benefit cannot exceed 70% of your
pre-disability income.
For more detailed answers, or if your question was not answered here, please
call us at
1-800-477-1200.
