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Colin Nabity, the CEO of Breeze Insurance, joins Rich today for another episode of Paychecks & Balances. Breeze is an Insuretech company that makes it easy for American workers to protect their income through disability insurance.

Disability Insurance is income protection insurance, which insures the beneficiary’s earned income against the risk that a disability creates an issue for a worker to complete their job. Founded in 2019, in Omaha, Nebraska, “The Insurance Hub of the US,” Breeze set out on a mission to modernize the archaic disability insurance system. Their online application process takes 15 minutes to complete with plans that start as low as $9 a month. Their automated underwriting technology allows them to offer qualified individuals a way to get quick and affordable disability insurance without the hassle of dealing with salespeople.

Most folks misunderstand disability insurance, and in today’s episode, Colin walks us through what it is, how it’s different from Workmen’s Comp, and why the current disability insurance system in the US is plagued by long wait times, high fees and is made unavailable by some employers or the government.

This Week’s Sponsor

  • Breeze – Seven in 10 working Americans couldn’t make it a month without a paycheck before experiencing financial hardship. Breeze offers income protection for serious injuries and illnesses that prevent you from working for 3 months or longer (including permanent conditions). Learn more at Breeze.

Show Highlights

  • Why Colin chose Omaha Nebraska as the hub for Breeze, instead of Silicon Valley
  • Only a third of folks that apply for disability insurance through the Social Security Program get approved
  • Workmen’s Compensations vs. Disability Insurance: Getting hurt on the job vs. protecting yourself from an issue or accident that may happen, outside of your job
  • The difference between having your own disability insurance plan and getting one through your employer
  • How disability insurance is taxed
  • Short term disability insurance vs. long term
  • Benefit Amount  – How much you will get paid each month
  • Benefit Period – The length of time your benefits will last
  • Waiting Period – The length of time that passes until you receive your first payment
  • Most policies will allow you to customize your timelines and payment amounts
  • How the freelance/gig economy is changing the way people obtain and receive insurance benefits

Key Takeaway: Disability insurance may not be something you’re thinking about right now. But for what is most often an inexpensive monthly fee, you can protect yourself financially if you end up with an ailment or in an accident that prevents you from doing your job.

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