Disability Insurance

Disability insurance insures your earned income against the risk that a disability creates a barrier for completion of work functions.

Individual disability insurance can be any-occupation or own-occupation, and you can be covered with a short-term policy, long-term policy, or both.

Any occupation – provides coverage when you are unable to work in a job suitable for you based on education, experience, and age. If you are capable of still working, even if the job is lower paying, any-occupation would not pay any benefits.

Own-occupation – provides coverage when you become disabled and are unable to perform the majority of the occupational duties that you are trained to perform.

Short-term – can replace 40-70% of your earned income. Coverage starts 1-7 days from the date of illness or injury and the benefit period can be up to 6 months.

Long-term – policies can replace 40-60% of your earned income. Coverage can start as early as 30 days from the date of illness or injury and have a benefit period of:

• 2 years
• 5 years
• To age 65
• To age 67
• To age 70

Residual / Partial disability Rider – covers you in the event you become disabled, but you are still able to work in a limited capacity.

Business Overhead Expense (BOE) – pays business overhead expenses including rent, utilities etc should the insured become disabled