Disability Insurance

When you become disabled and unable to work, disability insurance pays a percentage of your income, typically between 50-70%. The policy will specify a waiting period (known as the elimination period) before benefits begin, and how long you will receive benefits, depending on your policy.

• Short-Term Disability Insurance: Provides temporary income replacement for a few weeks to several months.
• Long-Term Disability Insurance: Offers income replacement for a longer duration, often until retirement age, depending on the policy.

Disability insurance protects your income in case of an unexpected illness or injury. Without it, you risk facing financial hardship if you are unable to work for an extended period. It helps cover living expenses, medical bills, and other financial obligations while you recover.

Many employers offer disability insurance as part of their benefits package. However, employer-provided coverage may not be enough to replace your full income. You can supplement this with additional coverage through an individual policy to ensure you’re fully protected.

The amount of coverage you need depends on your income, lifestyle, and financial obligations. Typically, disability insurance policies replace around 60-70% of your pre-disability income. We can help you determine the right amount based on your personal situation.

The duration of benefits varies by policy. Short-term disability benefits typically last a few months, while long-term disability can provide coverage for several years or until retirement age. The specific duration depends on your policy terms.

The waiting period, or "elimination period," is the amount of time you must wait after becoming disabled before you start receiving benefits. This period can range from a few weeks to several months, depending on the policy you choose.

Most disability insurance policies cover a wide range of injuries and illnesses, including both physical and mental health conditions. However, some conditions may be excluded, such as self-inflicted injuries or pre-existing conditions. Always review your policy to understand the exclusions.

It may be more difficult to qualify for disability insurance if you have a pre-existing condition. Some insurers may offer limited coverage, or you may need to provide medical records to apply. It's important to apply early and fully disclose your health history.