Disability or Income Replacement Insurance

What is your biggest asset? Score full marks if you knew that it is your ability to earn income. If you suffer a disability, household and other bills still need to be paid. Disability insurance can provide you with a benefit that is usually 60% to 70% of your annual salary in the event that you are disabled and are unable to work. Many companies offer their employees this type of insurance through a group disability plan but there are many individuals who do not have access to this type of plan.

There are also many self-employed individuals who should ensure they get this work interruption coverage so they can continue to pay their living costs during the time they are disabled and unable to earn a living.

And if you do not need to make a claim in 7 to 8 years, you can receive 50% of the premium you paid back in your pocket.