If you’re unable to work due to a sickness or injury, disability insurance can help you meet expenses and maintain your standard of living. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, disability insurance can help provide financial security until you get back on your feet and return to work.
The most common myth about disability income insurance is that coverage is only used for rare, catastrophic accidents. The fact is, most people rely on the insurance to cover the income they’ve lost due to disabilities caused by conditions such as heart disease and arthritis. Be informed – protect yourself and your business.
Types of Disability Insurance
Individual Disability Insurance
What it is: Replaces income if you’re too sick or injured to work. Can supplement long term disability coverage that you may have through your employer.
Benefits: Replaces a percentage of base salary and regular bonus or incentive income. Can cover retirement contributions and student loan payments. When you pay for individual coverage with after tax dollars, any benefits you receive will be tax free.
Who it’s best for: You or your family relies on your income. You are a high-earning individual who needs more income protection than the coverage offered by your employer. You do not have any disability insurance through work.
Small Business Protection
What it is: As a small business owner, different types of disability insurance can help protect your business if you cannot work as a result of an injury or illness.
Benefits: Provides several options to help your business continue meeting its daily expenses-including employee salaries. Offers funding to buy out a partner who cannot work due to illness or injury. Continues payment of business loans.
Who it’s best for: You’re a small business owner who wants to be certain your business can keep running if you become unable to work due to illness or injury.
Supplemental Individual Disability Income Insurance
What it is:Extra coverage that your employer can offer on top of the base long term disability insurance they may already offer you.
Benefits: Can help you protect more of your base salary as well as different types of income like bonuses and incentive compensation. You own the policy even if you change jobs. No medical exam is required, making it an easy option.
Who it’s best for: Your employer offers this coverage and you want to safeguard more of your income. Most of your income is derived from bonus or commissions.
Contact us today to discuss your individual disability insurance options.