Disability Insurance is insurance that will replace a portion of your income with possible tax free payments while disabled and unable to work. It is essentially insurance for your income
This type of insurance is usually supplemental to an existing plan but is possible as a stand alone that provides total coverage. It can cover occupations from truck drivers to legal professionals. It can also provide overhead expense plans, buy sell agreements, and key person disability.
Depending on the elimination period (period before the benefits will start to pay out) and the benefit period (period that the benefits will pay for), the cost can be quite varied.
Elimination period options range from 30, 60, 90, 120, 180, and 720 days, and the benefit period can go from 2, 5 years or to age 65.
Please click here to access the Disabiity Needs Calculator.