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Accidents or illnesses can render anyone disabled for the short term or a longer period. Becoming disabled in your working years can leave a substantial financial impact on you and your family. The disability may affect your earnings, increase your expenses, and dependence on others.
Disability Insurance or the Lifestyle Protection insurance covers you in the event of an accident or illness related disability by supporting you with monthly payments. The loss of income benefit provides you with a certain percentage of your pre-disability income, thus helping you maintain your expenses. On becoming disabled, a predetermined amount is paid every month for the selected benefit period. Generally, disability insurance replaces 60% and 85% of your regular income, up to a maximum amount, for a specified time if you can’t work temporarily or permanently disabled due to illness or injury.
The premium for the plan depends on the occupation of the client.
Generally, the employers include disability coverage into the group plans, but it’s always suggested to confirm the coverage available, or one should purchase an individual policy.
Disability Insurance is a useful business management tool for self-employed people. When you’re self-employed, you are the key contributor to your business’s success, so consider the impact if you were unable to work due to a disability for any length of time. The Business Overhead Expenses coverage is a reimbursement of the actual amount of fixed expense paid.

Why You should have a disability Insurance:

  • Because it can ensure a steady flow of a percentage of income when you are no longer able to work due to disability.

  • It can help pay off the mortgages, loan payments or meet some of your monthly expenses.

  • The Business Overhead Expenses coverage can help running the business even if the business owner becomes disabled due to injury or illness.

Total potential earnings to age 65 assuming an increase of 2% annually.
As evident from the chart, a 30 years old, earning $50,000 annually may loose 2.5million earned income if he become disabled and not able to work for next 40 years.
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