Disability Insurance

Disability insurance provides you with a monthly income in case of disability. This insurance is designed to protect the income of a person who is currently employed.

Each income protection plan is different. You can choose a plan that will insure you against disability caused by either accident or sickness. Or, you can choose a plan that will cover you only if disability results from an accident.

A "waiting period" is the time you wait to qualify for benefits after you become disabled. Some plans will provide you with income after you are disabled for 30 days. Or, you could choose a waiting period of up to two years. The longer the waiting period, the lower your premium will be.

When you apply for disability insurance a number of factors determine the monthly benefit you would be eligible to receive. Those factors include your current income, occupation, age and the maximum period that benefits would be payable. For instance, if you became disabled, your policy could provide for income benefits to be paid for two years, five years, or every month until you reach the age of 70.