Disability Income Insurance Planning
Often over-looked, disability income insurance is one of the most important types of insurance a working individual can own. If an injury or illness prevents you from working and earning an income, disability insurance will provide you with monthly benefits to replace a portion of your regular earnings throughout the period of disability.
Important Factors of Disability Insurance
Since every aspect of your financial plan is dependent upon a continuing inflow of income, the financial risk associated with disability must be properly managed using comprehensive disability insurance. For this reason, we often recommend that our clients obtain policies that include the following features:
- Own Occupation definition of total disability
- Residual benefits to cover partial disability
- Non-cancellable policy offering guaranteed level premiums
- Guaranteed renewable policy out to retirement age
- Maximum earnings replacement
As a part of your insurance planning, our representatives will help review your existing disability income insurance to ensure you and your family are protected by the appropriate amount and type of coverage. If you do not already have existing coverage, we can assist you in obtaining a policy if necessary.