Overdrive Magazine | Trucking Business News & Owner Operator Info
Issue link: http://read.dmtmag.com/i/93143
BUSINESS When the settlements stop accident or injury. BY RANDY GRIDER month. Now imagine you were down for months due to an injury or illness. How long could you make it before you were in a severe financial crisis? The probability of an income- Y tax-free if you are paying the premiums yourself. The premiums, however, are not tax-deductible. Any income replacement benefits you receive are interrupting event is more likely than you might think. Three out of every 10 Americans between ages 35 and 65 will become disabled for more than 90 days at some point in their lives, according to the American Council of Life Insurers. One in seven will become disabled for more than five years. "An owner-operator working without adequate coverage who experiences an on-the-job injury can be exposed to various hardships, including loss of income if unable to work," says Mary Ford, divisional senior vice president of the Great American Insurance Group's Trucking Division. Any given plan will pay a percentage of your income with a flat rate maxi- mum and only for a fixed period. The typical payout is 50 to 60 percent with a cap, though some may run up to 70 18 | Overdrive | December 2012 ou know how hard it is to stretch settlement checks to cover all business and personal expenses each Income replacement insurance could keep you afloat and avoid a bigger crisis following