Disability
Disability insurance will provide you with protection if you are unable to work by paying you a monthly benefit. (Whereas critical illness insurance will pay out a lump sum of cash to you when a covered critical illness is diagnosed and any applicable waiting period is satisfied, even if you are able to go back to work.)
Have you ever wondered what would happen to your family if there was a sudden illness, or a serious accident that resulted in a loss of income? How will you protect your family against this very real possibility?
What will Disability Insurance provide me?
- If you are ill or become injured, you will receive replacement income
- The amount of you disability insurance will vary, depending on your occupation. If you have a very dangerous job, the premiums and limitations will be higher.
- The usual amount of coverage is no more then 2/3 of your current earnings.
- The payments from a disability policy are tax free if premium is paid with after tax dollars.
- The period of the benefit can vary from 2 years to the age of 65.
- After 65 coverage may continue, although the insured must continue to work. Coverage may be modified.