Could you continue to support your family and pay your bills if you were unable to work for any length of time because of illness or injury? If you were to become disabled, do you know how much money would be coming in each month and from what sources?
Some people hope that group disability coverage provided by their employers, government disability income programs or worker’s compensation will cover them. But, for many physicians and dentists, a disability that stops their paycheck would leave them – and their families – in financial hardship. Individual disability income insurance is designed to replace a significant portion of income lost when illness or injury prevents the policyholder from earning a living. It is designed to help pay ongoing bills while the policyholder is recuperating and unable to do his or her job.
This website explains the likelihood of disability, the financial risk it poses, potential sources of disability income, disability income insurance, and what disability income insurance covers. It includes a checklist of policy features you can use to compare disability income insurance policies. This information will help you make an informed decision about whether you need individual disability income insurance and, if so, what features are most important to you.