What is Disability Insurance?

Disability insurance is also known as disability income insurance. Disability insurance helps individuals maintain their standard of living and meet their financial obligations even if they are unable to work. It provides a source of income to cover expenses such as medical bills, mortgage or rent payments, utility bills, and daily living costs.

You select a coverage amount, usually a percentage of your pre-disability income, which determines the monthly benefit you would receive if you become disabled or unable to work.

After the waiting period, you can begin to start receiving benefits on a monthly basis for the duration of the policy.

Financial Security
Disability insurance helps ensure financial security during a period of disability, which can help you maintain your standard of living, and avoid falling into financial hardship.

Income Protection
Disability insurance helps replace a portion of your lost income, helping to cover your daily living expenses, mortgage or rent payments, medical bills, and other financial obligations. This can be vital should you become disabled or unable to work.

Flexible Coverage Options
You can tailor your disability insurance policy to your specific needs, choosing a coverage level that aligns with your income and lifestyle. Additionally, you can often customize the waiting period and benefit duration to match your preferences and financial situation.

Complements other insurance benefits
Disability insurance may supplement other forms of insurance, such as worker's compensation or social security disability benefits. It fills potential gaps in coverage and ensures a more comprehensive safety net, providing additional financial support during a period of disability.