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Insuring Your Income to Protect Your Family
Income insurance is usually referred to as disability
insurance. Disability insurance will provide a set
monthly benefit in the event that you are disabled due
to an accident or illness and are unable to do your job.
There are huge variations in the type of disability
policies and care must be taken to ensure that the
policy you choose provides the appropriate coverage.
Group plans at work are often an economical way to get
good basic coverage, however they usually have
limitations to the length of time they will pay for a
disability, and in how they classify and define “disabled”. For
example, they could refuse benefits if it is deemed that
you could work in another occupation other than your own.
Individual plans can be purchased as a replacement for
group plans or to top up an existing group plan. A
quality individual plan will protect you in your “own
occupation”, and will continue to do so until age 65 or
later.
Please see our life insurance section for more
information on disability insurance.
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