Disability insurance

Protect your financial goals.

Your financial goals depend on your ability to generate cash flow. If you’re like most people, income from your work is your most important financial asset. Disability income insurance can replace a portion of your income if you become disabled. Without this protection, an unforeseen accident, injury or illness could cause significant consequences for your family and your financial goals.

We help you look at your entire financial picture and how much total income you would stand to lose if something prevents you from working. We also take into account your risk tolerance to identify coverage options that meet your needs.

A Wealth Management professional can help you as you consider your options.

Disability insurance considerations

Know the odds. The sobering fact is that, if you are over age 20, you have a one-in-four chance of becoming disabled before retirement.1

Lock in lowest-possible rates. If you purchase disability insurance when you are younger, you typically lock in a lower rate than waiting until later when you find yourself between jobs or more concerned about disability insurance.

Take it with you wherever you go. Unlike disability insurance offered through your current employer, an individual disability insurance policy can protect you between jobs and continue to cover you wherever you work.

Make it easier to qualify. Many people do not rely solely on coverage from the U.S. government because you only receive Social Security Disability Income benefits when you meet strict definitions of disability. When you own individual disability insurance, you typically receive benefits after meeting less strictly-defined requirements.

How disability income protection works

A disability income policy should replace about 60% of your income. Unlike benefits paid to you through an employer-sponsored policy, benefits paid through your individual policy are not subject to income tax.

Policies can be structured in different ways. You can choose:

Length of coverage. You choose a policy that pays you benefits for anywhere from five years all the way through retirement age, if you remain disabled.

Elimination period. Most policies require you to wait for a period of time before you begin collecting benefits. This “elimination period” typically lasts 30 to 180 days. The shorter the elimination period, the more expensive the policy. To minimize your insurance costs, keep an emergency cash fund to cover expenses during the period before benefits begin.

Occupation. You can also decide whether your policy should cover any occupation, a broad range of occupations or your specific occupation. The more specific the occupation, the more expensive the policy.

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