Disability insurance is vital in protecting one of our most valuable assets, our ability to earn an income. Individuals usually get their coverage through group plans, but in most cases this is not sufficient. For many independent contractors, an individual plan is needed in order to have any type of coverage. And, for professionals who rely on fees or commissions for income, being "out of the game" for any length of time due to illness or injury can be financially detrimental.
When choosing a disability policy it's important to get an "own occupation" plan. In other words, you want disability insurance that will pay a monthly benefit if you can't perform the material and substantial duties of your current occupation. Many plans are limited to only cover "any occupation" that is within reason of your education and experience.
Also, there are some plans that will offer a reduction in the total benefit if you return to work, but your gross income has been reduced from your prior adjusted gross income before the disability occurred. This is great for those of us whose income relies on being "out selling" and if we're gone for an extended length of time it may take awhile to get back on pace. This feature can help cover the gap. For more information contact us.
