What is disability insurance?

How long could you maintain your present living standards without your current income?  For almost anyone who works for a living, to be disabled and to be unable to earn an income, even for a short time, can mean financial stress - and even 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 disability insurance?

• To guarantee income continuity 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.

If you're like most people, you have only two months savings in the bank as a protection against emergencies.

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 devastate your savings completely.  Now the question is, what will you have to live on for the next four 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.

But if a disabling injury or illness strikes and you have no income, your needs for the basic necessities will continue. You'll still be obligated to meet the mortgage, car and credit card payments, as well as medical costs not covered by your insurance. But plans for a comfortable retirement, the children's education and a better life may have to be put off, if not discarded altogether.