Disability Insurance provides financial protection when an accident or illness causes you to be disabled and unable to work or earn an income.
Disability insurance replaces up to 2/3 of your income if you are unable to work as a result of injury or illness. Benefits are paid monthly and are tax-free, if set up properly. Policies differ on how soon you would collect benefits and for how long. Policies also vary in definitions of disability, 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.

Unlike Critical Illness Insurance and Life Insurance (where the benefit is usually payable in a lump-sum and such payment ends the contract), Disability Insurance benefits are always payable on a monthly basis while disability continues until age 65. 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.

Why Do I Need Disability Insurance?

Most people are unaware of the startling disability statistics. The likelihood that a person will become disabled before the age of 65 is five-times greater than the risk of death.