Why is disability income insurance important?
Disability income insurance pays cash benefits in the event you are unable to work due to illness or accident. Disability income insurance: · Protects your ability to earn an income · Allows you to tailor the cost and policy terms to fit your own budget and needs Disability income insurance is designed to provide for the essentials of daily life. As a result, disability income insurance does not: · Replace your entire paycheck–most policies will replace 50 to 70 percent of your salary, although typically the benefits will be received tax free · Pay benefits under any and all circumstances–policies contain a specific definition of disabled that must be met in order to qualify for benefit payments What makes disability income insurance so critical for self-employed people? As a self-employed individual, you don’t have a large company providing you with long- and short-term salary continuation plans, group medical and disability plans, and other benefits. Your business may consist of yo
