Disability Insurance

disabilityInsurance_118209523Purchasing disability insurance could be one of the best decisions business owners and self-employed people ever make. Since you cannot predict the future, it is important to plan for life’s obstacles and ensure that you are not financially strained if you incur a disability, especially if you are the main income earner for your household. If you already have disability insurance coverage through your employer or association, it is still a great choice to purchase individually owned disability insurance. This is because individually owned disability insurance provides additional flexibility regarding when and how you receive your benefits.

Why do you need disability insurance? If you are unable to work due to injury, and accident, or illness, disability insurance replaces a portion of your income for a given period of time to ensure you still earn an income. When you purchase disability insurance, you choose when your benefit payments start. Typically, benefit payments start 30, 60, 90 days after the disability occurred; but, some last as long as two years after the disability began. Plus, the plan will have an end date in which payments will stop, usually after a set number of years or at a certain age.

Disability insurance benefits are paid when you are unable to work according to three definitions. If you are unable to work at your own job, this means you are unable to perform routine duties for your employer; if you are unable to work at your own occupation, this means you are unable to perform routine duties for any employer within your occupation; and, if you’re unable to work at any occupation, this means you are unable to perform duties for any occupation based on your education, training, or experience. Disability insurance plans begin with either the “own job” or “own occupation” definition and then move towards “any occupation” if the disability has extended over a period of time.

One of the best ways to find out more about disability insurance and your options is to speak with us. We can inform you of all your disability insurance options available and can advise you on which one best secures your finances in the event of a disability.