Disability Insurance

This provides you with financial security when an accident or illness causes you to be disabled and unable to work or earn an income.

Disability insurance replaces a portion of your income if you become unable, through injury or illness, to work. Policies differ on how soon you would collect benefits and for how long. They also vary in whether disability benefits are received if you can't perform the duties of your own occupation, a job in your field, or any job at all.

A life insurance benefit is usually payable in a lump-sum, and this payment ends the contract. Disability insurance benefits are almost always payable on a monthly basis, while disability continues. Upon recovery from a disability, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.

Most people are unaware of the startling disability statistics. Often they have purchased life insurance to protect their families in the event of death. In fact, the odds are far greater that a person will become disabled in a given year than that he or she will die. There is at least an eight times greater chance of suffering a disability of at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, disability is more probable at any given age.

Traditional Disability Insurance is only issued to employed persons at specific age range. Premiums are usually level and vary by issue age, occupatinal class, sex, smoker status, etc. However, nowadays, underwriting concerns such as home based workers, newly self-employed individuals and cash based occupations often result in the clients' inability to obtain traditional insurance. In response to this problem a number of insurance companies have introduced products that allow coverage to these individuals and allow underwriting without proof of income documentation.


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