What it is:

Disability insurance is a type of insurance that provides you with a monthly benefit if you become disabled. Monthly payments are paid for the duration of your disability, or for the specified length of the policy, whichever is sooner.

Benefits:

  • Provides monthly income in the case of total disability and partial disability
  • Customizable to income needs
  • Protects your level of training
  • Offers student loan repayment features

Cost:

Premiums for disability insurance vary based on age, occupation and the features of the policy. Once set, premiums remain level for the duration of the contract. During total disability, your policy premiums are waived. During partial disability, premiums may be reduced.

Who is it for:

Disability insurance is for those who want income protection for themselves and their family. Individuals with a high level of specified training also purchase disability insurance to protect their occupation and guarantee an income during their working career.

For example: A surgeon who develops a tremor and can no longer perform surgeries, would receive a monthly payout from their disability policy because they can no longer perform duties of their specifically trained occupation, even though they may be able to work another occupation and draw an income.

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