What is it?
While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Whether it’s chronic pain or a mental health issue, a disability can come in various forms.
Disability insurance works when you can’t. If an illness or injury keeps you from working, disability insurance can give you a monthly income to help pay some of your expenses.
To understand more about your risk of experiencing a disability, take a moment now to use our handy risk calculator.
How does it work?
If you are unable to work due to disability, after the waiting period is over you’ll receive a monthly payment.
Even if you already have disability insurance through your employer, it may not meet your needs. Individual disability insurance provides you with more control and flexibility and could protect more of your income.
With individual coverage, you can select from a variety of options to determine the length of time before you start receiving your monthly benefit, how long you receive it for and the portion of your salary you will be getting.
How will it benefit me?
Without an income, your ability to meet your financial obligations and provide for your family could be at risk. Disability insurance can be used to help cover your household expenses and assist you in keeping your financial plans on track.
Your retirement savings could take a hit if you’re unable to work. Since disability insurance can help you meet your financial obligations, you may be able to avoid dipping into your retirement savings.
Talk to an expert
Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.