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Disability Insurance is an insurance policy that assures the policyholder that if they become disabled or no longer able to perform work necessary to earn income that the policy will provide for a portion of that income. Disability insurance is a source of income that allows you to both provide for your family and maintain your home.
Disability insurance policies are designed to replace anywhere from 40 - 60% of your income on a before or after tax basis. These insurance policies will vary from company to company so careful comparisons should be made. Before purchasing a disability insurance policy, the consumer should carefully consider:
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Renewals - provisions under which the policy can be renewed.
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Definitions - the qualifying circumstances under which the policyholder is entitled to payments.
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Residual Disability Benefits - the conditions under which the policyholder is entitled to partial payments. |
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