DISABILITY INSURANCE

Most people insure their material possessions -- their homes and cars, for example. But many of these same people don't insure what is probably their most valuable asset -- their ability to work and earn income. Injuries and sickness can prevent you from doing your job and result in loss of current income.  Disability Insurance provides a partial income replacement benefit if you are unable to work due to a non-work-related disability covered by the plan. 

Even if you have health or accident insurance, you still may have gaps in your coverage. Unlike regular health or accident insurance plans, disability insurance pays you a monthly benefit while you are disabled.  It may also coordinate with benefits from Social Security or Workers’ Compensation. Check with your tax consultant.

Disability insurance pays a percentage of your salary if you become temporarily disabled, meaning that you are not able to work due to sickness or injury.  It usually starts paying monthly benefits after an elimination period (the time between your injury or illness and the start of benefits). The amount of monthly benefits you receive depends on several factors including the level of benefits you chose when you purchased your policy. Your benefits usually continue as long as you are under a physician’s care and are unable to return to work (for the benefit period you chose when you purchased your policy).

If you were to become disabled tomorrow and couldn't work, would you have enough savings to cover your living expenses during that time?  If not, call us to see how disability insurance can benefit you.