Disability Insurance

Decoding Disability Insurance


Disability insurance is a vital component of financial planning that provides crucial protection for your income when you're unable to work due to illness or injury. In this comprehensive guide, we'll delve into what disability insurance is, how it works, and why it's an essential consideration for safeguarding your financial well-being.

What is Disability Insurance?


Disability insurance, often referred to as income protection or disability income insurance, is a policy that provides financial support in the event you become disabled and are unable to work. It replaces a portion of your income during this time, ensuring that you can meet your financial obligations and maintain your quality of life. Here's how it works:

  • Income Replacement: Disability insurance pays a percentage of your pre-disability income, typically ranging from 50% to 70%, to help cover your living expenses.

  • Definition of Disability: Policies vary in how they define disability. Some may require you to be unable to perform your current job, while others may cover you if you're unable to work in any occupation for which you are qualified.

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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