Features of disability insurance
- Provides tax-free income if you become sick or injured..
- Popular for people who do not have disability insurance through an employer.
- With employer plans, when you lose your job, you also lose your group protection. Unlike employer plans, personal disability insurance plans are not cancelled when you lose your job, as long as you continue to pay your premiums.
- Costs depend on occupation class. Jobs that require a high level of education and training (doctors, lawyers, etc.) qualify for the highest level of coverage. Jobs that are risky or dangerous (construction, oil field, tradesmen, etc.) will be more expensive to insure.
Major uses of disability insurance
- Replace lost income during times of disability.
- Provide money to pay business overhead in your absence.
Customizing your disability insurance policy
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