Overdrive Magazine | Trucking Business News & Owner Operator Info
Issue link: http://read.dmtmag.com/i/93143
means the disabling event occurred while on the job you had – in your case, driving a truck – and that it left you unable to per- form that job. "Any occupation" disability means that if you are able to perform another job, you are not disabled. Your normal income is not taken into consider- ation. If you can be trained to work at another job – even at minimum wage – you probably won't be able to collect benefits. True "own occupation" disability has become harder to find. It's generally expensive, especially for occupations like trucking that are deemed high-risk. Word of caution: Some policies that claim to be own occupation have qualifiers that make them any occupation, so pay attention to the fine print. With any policy, your monthly premi- um will be higher or lower depending on the waiting period for benefits to kick in. Payouts typically don't start until 30 days after you file a claim; they can go even as long as 180 days. The longer the waiting period, the cheaper the monthly premium. If you are going to buy a policy with a longer waiting period, be sure to have enough sav- ings to get you through until the first payout. Financial planners often advise saving at least three months of income to offset personal or equipment set- backs. Social Security If you become unable to work for more than 12 months, Social Security Disability Insurance may be an option. SSDI is not based on income. According to the Social Security Administration, a person can qualify for SSDI if he or she is younger than 65 and meets these criteria: - vents the individual from engaging in any "substantial gainful activity." least 12 months or result in death. Social Security credits (credits are based on your earnings with a cap of four cred- its per year) in the past 10 years prior to the onset of disability. One additional credit is required for every year the work- er's age exceeds 42. This is not an easy option to pur- sue: The filing process takes about four months, and 60 percent of claims are denied. Five months of wait time occurs if approved. December 2012 | Overdrive | 21 Text INFO to 205-289-3555 or visit www.ovdinfo.com