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Disability Income Insurance

What is Disability Income Insurance?

A sudden interruption of income—due to an extended period of sickness or injury—can have serious financial consequences for many of today’s employees. If you are lucky, you may receive group disability benefits through your employer.  However, you will need to make sure the benefits available through your group disability coverage are adequate for your needs.

Group disability benefits are taxable if your employer pays the premiums, may be capped at a relatively low amount, and may not cover variable income such as bonuses or commissions.  As such, these benefits may not be enough to maintain your lifestyle or pay all your bills if you become too sick or injured to work.

An individual disability income insurance policy can help supplement your group long term disability benefits and protect a larger portion of your income. An individual disability income insurance policy you purchase on your own is fully portable, meaning you won't have to worry about losing coverage if you change jobs, and the benefits are generally paid are tax free if you are the premium payor.1 In addition, an individual disability income insurance policy is non-cancelable by the carrier (as long as the premiums are paid), and with a guaranteed renewable policy, your premiums will never change for the life of the policy.

Disability income insurance policies have exclusions and limitations. 

Can You Survive Without your Paycheck?

Can You Survive Without your Paycheck?

Can you continue to maintain your lifestyle, save or pay your bills if you weren’t getting your paycheck anymore?

Disability continues your income in the event you were sick for a long period or injured and unable to work. Many people have a group plan through their employer, but it it may not be long enough.

We help determine what’s right for you and making sure you have adequate coverage. Having cancer or being seriously hurt from an accident is awful, and it’s worse when money becomes a problem.

1 The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Disability income insurance policies have exclusions and limitations.

Any Questions?

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Email: noverkamp@financialguide.com