Income Protection (Disability Insurance)
Typically, people buy property and casualty insurance to protect their possessions (houses, cars, and furniture) and life insurance to provide income for their survivors. However, many people don't think about protecting their income with disability insurance.
How well could you live if you weren't able to work?
Disability is an unpredictable event, and if you become disabled, your ability to make a living could be restricted. Although you may have enough money in the bank to meet your short-term needs, what would happen if you were unable to work for months, or even years? The real value of disability insurance lies in its ability to protect you over the long haul.
You have the option to choose the combination of coverages that best meet your needs by selecting:
- The amount of coverage you need - monthly benefits between $250 and $10,000.
- The length of time you must be disabled before benefits begin - 60, 90, 180, 365, or 730 consecutive days.
- The length of time benefits are paid to you - one year, five years, or to age 65.
Monthly Income Amount: After you have been totally disabled because of injury or sickness for the elimination period selected, disability insurance coverage begins payment of the monthly income amount while you are totally disabled, up to the maximum benefit period you chose.
Partial Disability: If you remain partially disabled following a period of total disability, the insurance company will pay 50% of the monthly income amount for up to six months.
Waiver of Premium: After benefits have been payable for three consecutive months, the subsequent premiums falling due are waived (paid by the Company) while your disability continues.
Rehabilitation Expense: If during a period for which total disability benefits are paid, you participate in a formal rehabilitation program, approved by the Company, the insurance will pay for the costs actually incurred for tuition, books, and equipment, up to six times the monthly income amount or $10,000, whichever is less.
Additional Purchase Option: On the fifth policy anniversary, you will have the option to purchase an additional disability income policy without evidence of insurability. Age, financial, and occupation class requirements must be met for issue and participation limits in effect on that date.