Disability Insurance
Disability Insurance provides coverage for your most valuable asset, your ability to earn an income. Disability Insurance will replace your monthly income in the event that you are unable to work due to an injury or illness. As long as the premiums are paid with after tax dollars, the benefits are received tax free.
Each disability plan is different. You can choose between injury only, or injury and illness coverage. You can also decide how soon after a disability you would like your income replacement payments to begin. There are options to start disability income replacement payments 0, 30, 60, 90, 120, 180 days or even after 2 years after the start of disability. The longer you wait, the lower the premiums become.
When applying for disability insurance it is important to know how much monthly benefit is available to you. There are several factors that determine how much you can qualify for including current income, occupation, age and health.
It is also important to consider how long you would like these payments to last for. Most disability insurance will cover you until age 65 but benefits can last as short as 5 years from when you are disabled, or up until age 70.
To find out what type of disability insurance might be right for you, contact us today.