Products & Services
Disability Insurance
What is disability insurance?
Disability insurance is an income replacement policy in the event that you are injured or too sick to work. Your most valuable asset is your ability to work and earn an income. Disability insurance is the only type of insurance that will keep all of your other assets protected. If you fail to insure your income, all the investments and insurance you have worked so hard to put in place will no longer have a way to be funded. You run the risk of losing your home, car, insurance plans and ability to fund your retirement.
Workers ages 18-60 who are relatively healthy and who show an income on their tax returns. People who have had a family history of long term disabilities due to accidents or progressive diseases (for example, Parkinson's Disease and Alzheimer's) are excellent candidates because they have seen the direct effects first hand.
Why buy it?
You work hard to accumulate assets and develop long term financial plans as you go through life. How are you going to keep those assets and long term plans in place if you can no longer earn an income?
Government disability payments do not always pay you in the event of a disability. The requirements are strict and on average, claimants are only approved in a third of all cases. Disability insurance can be structured to cover anywhere from partial to total disabilities that may last for the short or long term. Make sure you are covered if the time comes.
What does it cost?
Depending on your age at issue, the cost of a disability policy can vary greatly. Most policies will insure between 60-70% of your income as a maximum benefit. For a 30 year old male making $50,000, a maximum benefit policy will cost about $600/year with a benefit lasting to age 67. For a person age 40, that price goes up to about $1,000/year.
To learn more about the types of insurance products available, contact a Financial Consultant today.
