Why Disability Insurance
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 You Need It
Have you heard the story of the goose with the golden feather? The short version is that a goose had golden feathers and one feather fell out daily was sold by its owners. Then the owners wanted more. They started to pluck the feathers in order to become wealthier. Well sure enough one day the goose turned back into a normal goose. No more golden feathers. There is a lesson here, what is more valuable to insure – the goose, or the golden feathers? You probably guessed right, the goose. In this world you are the goose bringing in an income to provide for your families. Often you have insurance on all your belongings but not yourself. Protect your "feathers"!
Get Paid to Stay Healthy!
There is a disability policy that pays you to stay healthy. You can get back up to 50% of what you have paid if you never make a claim and you keep your policy in force for at least 7 years.