Disability Income Insurance Quotes

Another name for disability insurance is income insurance. Like most people, you probably rely on a steady flow of income to sustain your way of life. Ask yourself: Would you have the finances saved to keep up with your current expenses if an unexpected accident or illness kept you from working for several months?

Your savings and coverage offered by your employer may not be enough to make ends meet. Disability insurance protects you and your family from this problem so that if you ever become disabled, you can focus on your recovery without worrying about falling behind on your bills.

An experienced broker at Wallace-Rice Benefits will help you find an individual disability insurance policy that secures and protects your financial future.

Benefits of Disability Insurance

  • Provides continued income if you are incapable of working
  • Can be used alongside existing disability coverage offered by your employer
  • Take the coverage with you – even if you change jobs
  • Benefits are usually tax-free

Types of Disability Insurance

The disability insurance contract will define “disability” in one of the following ways:

Own Occupation

Any Occupation

Disability can be claimed when you are incapable of performing the duties required of the occupation you held prior to an accident – your OWN specific occupation.

Example: A professional soccer player tears their ACL, and is out for the rest of the season. The claim can be processed immediately. Benefits could begin if the disability policy has no waiting period.

Protects your investment in your current profession.

Disability can only be claimed when total disability is declared by a physician. You must be incapable of performing the duties of ANY occupation that is reasonably suitable for you based on education, experience and age. 

Example:  An attorney experiences a life event which results in prolonged mental impairment related to stress. This person can no longer perform the duties of day-to-day tasks as an attorney, but they are not yet defined as disabled. 

Protects you from total disability.

Other Uses

High-limit disability insurance: Keeps disability benefits at 65% of income, regardless of the individual’s income level. Coverage typically supplements standard coverage.

Key-person disability insurance: Protects a business from financial loss when a key employee cannot work due to disability. A business can use the benefits to hire and train a temporary employee while the key employee recovers.

Business overhead expense (BOE) disability insurance: Like key-person disability insurance, BOE insurance reimburses a business for overhead expenses if the owner experiences a disability. Eligible benefits include business expenses like; rent or mortgage, utilities, leases, maintenance, accounting and bookkeeping, insurance premiums, employee salaries and benefits, property tax and other regular expenses.