Disability Insurance
What is disability income protection insurance?
How long do you think you would be able to maintain your present living standards without any income? For just about everyone who works for a living, a sudden loss of income would mean financial stress, and even financial disaster.
Disability income protection is designed to replace the income lost as a result of disability from illness or accident by protecting your earnings and your earning potential - perhaps your most valuable asset.
Why should you take out disability income protection insurance?
To guarantee income continually in the event of sickness or accident.
To avoid a company having to fund the continuing salary for a disabled employee longer than may be otherwise desirable.
To pay the expenses of the business which would continue to be payable in the event of a principal owners disability.
What Are Your Chances For Long-term Income Loss?
Unfortunately anyone can get sick or have an accident. Life is unpredictable, but it does allow preparedness. Today now more than ever, lives are saved from premature death caused by accidents or sickness. This causes an increase number of survivors that live on, but with impairments or limitations that mean they can't perform the major duties of their own occupation. In short, they lose their current income, but not their life.
Your Personal Savings May Not Be Enough:
If you're like most people, you have maybe two months income as savings in the bank as a protection against emergencies. Yet the average long-term loss of income due to disability is 5 1/2 years. Even if you save ten percent of your income for ten years, it may take only one year of mortgage payments and meeting other bills to deplete your savings completely. What would you live on for up to 5 1/2 years? Today, your income is doing a double job for you. It provides for today's necessities and helps you save for tomorrow's hopes!