INCOME REPLACEMENT INSURANCE
Do you ever wonder how you would meet your financial obligations if an illness, accident or soft tissue injury prevented you from working?
When you become disabled, you lose not only your primary source of income, you also face unexpected expenses related to your condition. Disability insurance is a source of income that replaces your salary or other earnings.
Other names of Disability insurance are Income replacement or Income protection insurance.
Who should consider Disability Insurance?
People who work full time
- Self-employed workers or professionals
- Small business owners
People with or without remunerative work, whatever their occupation
- Full-time employees or workers, whatever their occupation
- Seasonal or part-time workers
Individuals who do not hold jobs (homemakers, retirees, etc.)
How benefits are paid
Benefits are paid monthly after a certain waiting period (if applicable) has passed. The benefit is paid for the period of time you are disabled up to the maximum amount of time allowed in the policy contract.
Benefits are usually a percentage of your income. With our different plan options , you can have benefits based on your Gross Business Revenue or Net Earned Income, depending on how you get paid.
Sometimes a disability affects your ability to work part of the time. That’s when Partial Disability can help by paying 50% of the benefit amount for up to 180 days.
Insured’s eligibility and cost of insurance:
Insured’s eligibility for disability insurance and the cost of your premiums depend upon various factors such as health condition, earnings, occupation and the type of coverage aspire to purchase.
Waiver of premium:
While you are disabled and benefits are being paid, you are not required to pay premiums and your coverage will continue subject to some conditions.
Return of Premium:
The return of premium rider will see some or all of an insured’s premiums paid back to him at a certain point. Premiums are only returned if the policy owner purchased this rider and did not suffer a serious disability during the term of the disability coverage.