Disability Income Insurance
Disability income insurance will replace a portion of your income if you become disabled due to sickness or accident. If this coverage is not provided by your employer, it may be wise to consider adding it to your financial plan.
A variety of rules, features and options are associated with disability income insurance policies. Some examples include:
- Benefit period — you can purchase disability income insurance to last just a few years or until you retire
- Elimination period — you can choose the time period between when you become disabled and when your benefits start
- Benefit for total disability — policies typically differentiate between initial disability (Can you perform the material, substantial duties of your occupation?) and total disability (Can you perform the duties of any occupation for which you’re suited?)
- Catastrophic benefit option — additional coverage may be purchased to cover the most serious disabilities that are likely to increase your living expenses
- Rehabilitation benefits — the policy may pay expenses for rehabilitation not already covered by other benefits
Protecting the income of a family’s primary wage earners is an essential consideration in a personal insurance strategy and financial plan. A First Command Financial Advisor can review your existing coverage and make an appropriate recommendation if you’re not already covered.
To learn more about the benefits of disability income insurance as part of a financial plan, contact a trusted First Command Advisor today.