Disability Insurance

Disability Insurance provides a monthly income in the event you are incapacitated, and incapable of working due to an injury or illness. Often called “Income Replacement Insurance”, this coverage is important for self-employed individuals. It is also for those without disability insurance via their employer.

Your ability to earn income may be compromised through injury or illness if you become disabled. Your ability to pay bills or save for retirement could decline. Disability insurance plans are designed to help you meet necessary income requirements enabling you to concentrate on recovering from your disability and returning to an active income-generating life.

Generally, disability benefits are received if you can't perform the duties of your own occupation, a similar job in your field, or any job at all. How soon and for how long you can collect benefits is determined in your policy contract.

Income protection can provide income for disabled professionals such as lawyers or doctors, small business owners like plumbers or carpenters, leading business executives, as well as full- or part-time or home-based workers.

Disability insurance benefits are payable on a monthly basis during a disability for the benefit period of the contract, which can vary. When you recover from a disability, the policy continues, usually payable again for a subsequent or recurring disability.

Most people are aware of the importance of life insurance, but rarely think about having a disability despite the statistics indicating they are quite common. Death is inevitable, while disability is probable at any given age.