Individual Disability Insurance

Individual Disability Income Protection is a must for anyone who works hard for their money. If you are a business owner, you should consider purchasing both group and individual policies, if possible. These policies cover you when you cannot do the job you were trained for, whether that is executive duties, company ownership, professional skills like a dentist, doctor or nurse, trade skills such as plumber, electrician, roofer, handyman or heavy construction.

Only forty-three percent of large companies provide group long term disability insurance.  Your chances are even less likely to get long term disability insurance if you work for a small company. The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to qualify medically. If your employer doesn’t provide disability insurance then you may want to consider an individual disability policy.

Or, you may need a personal disability insurance policy to supplement an employer group plan. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?

A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months, and pays benefits for several years or until retirement age, depending on the policy.