What is Disability Insurance?
Disability Insurance is a monthly benefit meant to replace your income in case injury or illness prevents you from earning a living.
How Does It Help: Income Protection
If you’re disabled and cannot work, you cannot earn a living to pay your monthly obligations. With a disability, you may not be able to work either partially or totally, but you can certainly keep the money coming in through a disability policy. Think of disability insurance as income protection. Whether for the short or long term, you can maintain your lifestyle until you can work again. By protecting your income, you protect your family and business. A household with a single income can be at a significant loss if he/she is disabled without the proper insurance. With your business, it can still operate until you are able to fully get back to work.
Types of Disability Insurance
There are a couple different types of disability insurance:
• Short or Long Term, to include either injury and/or illness.
• A top-up to current group disability.
Injury Insurance can be inexpensive and adding illness insurance would be worth it.
Short term is around 6 months while long term can be a policy for 2 years or up to
age 70.
How to Decide
• Disability Insurance can replace between 60 – 85% of regular income.
• No need to worry about finances if something were to happen to you.
• Easily protect your loved ones with a worthwhile and relatively low-cost insurance.
Questions about Disability or other insurance? Give us a call or send an email.