Disability Insurance


When building a financial safety net, many people look to protect against the unknown with life insurance and health insurance. But your ability to earn income is your greatest asset and is crucial to any plan; if you're unable to work, how do you plan for the future or meet your immediate needs, like paying bills?

Disability insurance can help. It's income protection that keeps money coming in when you can't work due to illness or injury.

You know you work hard by applying yourself to everything you do. You thrive by embracing the changes you know life brings. Yet having a job is only the first step toward achieving stability–because not all of life's events can be predicted. As you start to build blocks for your future, have you thought about protecting the income you've work so hard for?

“I'm young and healthy. Why would I need disability insurance?”

You'll always strive to stay young at heart, but you won't always be young in years. That's why it's important to think about disability insurance now.

Accidents and illness happen regardless of your age. Even so, disability insurance is based on your health, age and medical history. While you are at the prime of your life, it may be the best time for attaining coverage. You can secure your coverage while you are healthy for the fruitful life that lies ahead, while knowing your financial security is protected.

“What are the chances I have an accident?”

Statistics show that one in four of today's 20 year-old workers will be experience disability within their career. In fact, 90% of disabilities are caused by illness rather than accidents. With the average long-term disability claim lasting three years 34.6 months, disability insurance can help protect your finances should you suffer an accident or sickness and become unable to work.

“How much coverage do I need?”

It depends, so you need to answer a few questions: What are your (and your family's) living expenses–fixed costs (like mortgage, rent and utilities) plus variable costs (the new roof on your house or new car you need)? How much savings do you have to cover expenses should you suffer a debilitating sickness or injury? Take a few moments to calculate your needs by taking your current take home income (monthly), adding back in any retirement plan contributions and your portion of your employers health insurance plan and then subtracting any expenses that would cease if you were no longer to be working (the costs of commuting for example).  This should give you a rough estimate of how much monthly income needs to be protected.

“What if my employer already provides disability insurance?”

Insurance isn't one-size-fits-all. Your employer coverage might not adequately meet your financial obligations–like mortgage, living expenses, children's college education, retirement savings and assets, and aging parent care. It may have a maximum coverage time period that leaves you unprotected if your disability lasts longer; make you subject to a tax that can reduce your benefit by 20 to 30 percent; and stop coverage when your employment period ends. It can be smart to look closely at what you have and fill in the gaps where they exist.

Business Overhead insurance

A unique kind of disability insurance for business owners provides coverage for their business expenses (rather than replacing their income) for anywhere from 6 to 24 months, keeping the lights on and the business running. Particularly for professionals whose work generates income directly (doctors, dentists, lawyers, engineers, architects, etc.) a disruption in their ability to work, even for a short period of time, can have devastating effects on the infrastructure of their practice.

Please contact us for more information or to obtain a quote customized to meet your specific needs.