Disability Income Insurance
Why Do I need Disability Insurance?
Disability Income Insurance protects your greatest asset, your ability to earn income. This product is designed to replace a portion of your income if you become disabled and are unable to work.
Many individuals will have some Long Term Disability insurance through their employer, however in many cases this coverage is not sufficient, especially for high income earners. I can review your current group LTD plan to see if you have any gaps in coverage.
Who Needs Disability Insurance?
If you are self employed a disability can result in a huge loss of income. Government disability benefits are difficult to qualify for and the amout of coverage is usually not sufficient. A personal disability income insurance can protect a business owner from their ability to earn income.
High Income Earners
If you have Long Term Disability insurance through your employer, keep in mind that most group plans have a limit on the monthly disability benefit. This maximum usually affects high income earners the most as a smaller percentage of their income is protected. It is possible to purchase an individual plan to reduce this gap.
No Coverage Through Work
An individual disability insurance plan shoudl be considered If your employer does not offer a benefit plan, or if your benefit plan does not include Long Term Disability. Rates are based on age, gender, health status, occupation type, benefit period, benefit amount, etc.
Business Overhead Expense insurance can help keep a business running in the event of a disability by reimbursing fixed monthly expenses such as employee salaries, rent, etc.