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Disability Income Insurance


Disability Income Insurance (Income Replacement Insurance) provides income in case of a long-term disability. The majority of people who have income replacement insurance get it through group long-term disability coverage at work. For those not covered under such a plan, or for those who desire richer benefits, better guarantees, and assurance of portability, individual Disability Income Insurance may be preferable.

Individual policies usually pay benefits for disabilities that have already affected the insured for at least one month to at least a full year. The longer the elimination period, the lower the premium. The size of benefit is usually related to the amount of total earned income of the insured at the time of application (up to 70% or so). The potential duration of benefits, the definition of disability, guaranteed or variable premiums, and provisions for inflation or other increases in benefit are some of the different provisions to consider.

An American worker is about seven times more likely to suffer a long-term disability before retirement age than he is to die. Yet, all too many people fail to protect their biggest asset - their ability to earn a living!

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