Life & Health Insurance
Critical illness | Long term care | Disability insurance | Term insurance | Health & welfare trust
Disability insurance protects the insured against financial hardship created by an inability to work due to accident or sickness. A monthly benefit is calculated as a percentage of income (typically not more than 85% of take - home pay) and is payable after disability has continued for a predetermined amount of time (called the elimination period).
Benefits continue to paid so long as the client meets the definition of disability in their policy up to the length of their chosen benefit period (often age 65).
Contracts vary tremendously based on definitions of disability and premium contract guarantees. Thus, one should take great care in selecting Disability Coverage.