Disability Income Insurance

WHAT IS DISABILITY INCOME INSURANCE?

YOU CAN’T WORK. FORTUNATELY, YOUR COVERAGE WILL.

People often ask: What is disability income insurance? One myth about disability income insurance (or, simply – disability insurance) is that it is only for rare, catastrophic accidents. In reality, many rely on these policies to cover the income they’ve lost due to relatively common conditions such as heart disease and arthritis. Learn how disability insurance works – protect yourself and your business.

TYPES WE OFFER

INDIVIDUAL DISABILITY INSURANCE

WHAT IT IS:

• Replaces income if you’re too sick or injured to work.
• Can supplement long-term disability coverage that you may have through your employer.

BENEFITS:

• Replaces a percentage of base salary and regular bonus or incentive income.
• Can cover retirement contributions and student loan payments.
• When you pay for this individual coverage with after-tax dollars, any benefit payments you receive are tax free.
• Your policy belongs to you even if you change jobs.

WHO IT'S BEST FOR:

• You may need individual disability insurance if you or your family rely on your income.
• You are a high-earning individual who needs more income protection than the coverage offered by your employer.
• You don’t have any disability insurance through work. 

Disability Insurance For Business Owners

WHAT IT IS:

• As a small business owner, different types of disability insurance can help protect your business if you can’t work as a result of an injury or illness.  

BENEFITS:

• Provides several options to help your business continue meeting its daily expenses – including employees’ salaries.
• Offers funding to buy out a partner who can’t work due to illness or injury.
• Continues payment of business loans.

WHO IT'S BEST FOR:

• You’re a small business owner who wants to be certain your business can keep running if you become unable to work due to illness or injury.

Group Disability Insurance Offered By Your Employer

WHAT IT IS:

• Replaces baseline income if you’re too ill or injured to work.

BENEFITS:

• Provides a good foundation for income protection – typically safeguards from 40% to 60% of your base salary after taxes.

WHO IT'S BEST FOR:

• Your employer provides this coverage. Basic coverage protects about half of your income.

Supplemental Individual Disability Income Insurance

WHAT IT IS:

• Extra coverage that your employer can offer on top of the base long-term disability insurance they may already offer you.

BENEFITS:

• Can help you protect more of your base salary as well as different types of income like bonuses and incentive compensation.  
• You own the policy, even if you change jobs.
• No medical exam is required, making it an easy option.

WHO IT'S BEST FOR:

• Your employer offers this coverage and you want to safeguard more of your income.
• Most of your income is derived from bonus or commissions.