Disability Income Insurance is the foundation to any sound financial plan. In order to accomplish all other financial goals individuals need to produce income. Most people have no way to pay the mortgage or household bills much less save money for retirement and college if If an accident or sickness interupts the ability to earn an income.
Disability Income Insurance could replace up to 60 percent of what you might have earned had you not lost the ability to work. In most cases, the benefit is paid to the insured tax-free if the individual pays for the premiums. The benefit will be taxed however, if a company or entity pays for the premiums.
Below you will find some key words explaining the general options available when shopping for a quality income protection program.
Individual Disability Income Insurance - This is ideal for people who want to secure their income in the event they cannot perform the duties associated with their job. Individuals usually purchase Long Term Disabilty Insurance. Individual policies are paid for by the insured directly and the benefit is tax-free.
Group Disability Income Insurance - Generally provided to employees as part of a company benefit package. Premiums can be partially paid for by the company or solely by the employee. The benefit is taxable if the company pays any portion of the premium. Could be short or long term disabilty insurance.
Long Term Disability – Provides coverage for a period ranging from 12 months to lifetime benefit period depending on several factors. Plans include a waiting period, generally 30, 60 or 90 days.
Short Term Disability – This provides coverage for a period of up to X days, weeks or months in the event you are unable to do your job due to injury or illness.
Overhead Expense Insurance - Is designed to pay the business expenses, the salaries, the benefits etc. if the main income earner or earners in a firm become disabled. The policies are owned by the business and the benefits are payable to the business.
To find out more about disability income insurance or request a quote for your situation please [click here].
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